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Life’s brighter under the sun

Sun Life Assurance Company of Canada

SUN GIF SOLUTIONSFUND FACTS

MAY 2017

Addendum to the Sun Guaranteed Investment Fund Solutions (Sun GIF Solutions) information folder and individual variable annuity contract provisions and fund facts dated May 2017.

These provisions form part of your information folder, contract and fund facts.

Effective October 2, 2017, Sun GIF Solutions Sun Life Sentry Global Mid Cap is renamed Sun GIF

Solutions Sun Life Schroder Global Mid Cap, to reflect a change to the underlying fund to Sun Life

Schroder Global Mid Cap. The underlying fund sub-advisor is changed to Schroder Investment

Management North America Inc. (Schroders). The information folder, contract and fund facts are

amended to replace the name of the existing segregated fund with the new segregated fund name

wherever it appears. Attached is an updated Fund Facts for this fund.

Effective October 27, 2017, Sun GIF Solutions Sun Life MFS Canadian Equity Value and Sun GIF

Solutions Sun Life Sentry Conservative Balanced are removed. The information folder, contract and

fund facts are amended to remove references to these two the funds wherever they appear.

Contact Sun Life Financial or your advisor for additional information.

Sun Life Financial 227 King Street South Waterloo, Ontario N2J 4C5

Toll Free: 1-844-753-4437 (1-844-SLF-GIFS) Facsimilie: 1-855-247-6372 Email: [email protected] Website: www.sunlifegifs.com

Life’s brighter under the sun

Sun Life Assurance Company of Canada Sun GIF Solutions

FUND FACTS Sun GIF Solutions Sun Life Schroder Global Mid Cap

May 1, 2017

Quick factsDate fund created: May 4, 2015Date series available: May 4, 2015Total value of the fund: $158,540Total value on: December 31, 2016

Underlying fund manager: Sun Life Global Investments (Canada) Inc. Underlying fund sub-advisor: Schroder Investment Management

North America Inc. (Schroders)Portfolio turnover rate: 62%

Guarantee series Minimum investmentManagement expense ratio (MER) (%)

Net asset value per unit

Number of units outstanding

Investment Series $500.00 2.98 $9.7117 15,073.339

What does the fund invest in?

The fund invests in the Sun Life Schroder Global Mid Cap Fund (the "underlying fund"). The fund seeks to achieve long-term capital appreciation primarily by investing in a diversified portfolio of medium capitalization Global companies or indirectly by investing in mutual funds (including exchange-traded funds) that invest in such securities.

The charts below give you a snapshot of the underlying fund's investments on December 31, 2016. The fund’s investments will change.

Top 10 investments (December 31, 2016)1. Cash 10.7%2. Live Nation Entertainment Inc 4.3%3. Cap Gemini SA 3.7%4. Cigna Corp 3.6%5. Newell Rubbermaid Inc 3.5%6. Laboratory Corp of America Holdings 3.4%7. Brookfield Infrastructure Partners LP 3.4%8. AmerisourceBergen Corp 3.2%9. Liberty Global PLC 2.9%10. DCC PLC 2.8%

Total percentage of top 10 investments 41.5%Total number of investments 44

Investment mix (December 31, 2016) Asset Mix

13.4% Canadian Equity

20.5% U.S. Equity

62.1% International Equity

4.0% Cash and Cash Equivalents

How has the fund performed? This section tells you how the fund has performed over the past 10 years for an investor who chooses the basic guarantee. Returns are after the MER has been deducted. It's important to note that this doesn't tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee option you choose and on your personal tax situation.

Year-by-year returns (%) This chart shows how units of the fund have performed in the past 2 years. In the last 2 years the fund was up in value 1 year, and down in value 1 year. The range of returns and change from year to year can help you assess how risky the fund has been in the past. It does not tell you how the fund will perform in the future.

10%

7%5%2%

0%

2%5%7%

10%

-1.1

2015

1.7

2016

Sun Life Schroder Global Mid Cap Fund

Sun GIF Solutions Sun Life Schroder Global Mid Cap

Average return (%) As at December 31, 2016, a person who invested $1,000 in the fund on May 4, 2015 now has $988. This works out to an annual compound return of -1.7%.

Page 173 of 219



May 1, 2017

How risky is it? The value of the fund can go down as well as up. You could lose money.

One way to gauge risk is to look at how much a fund’s returns change over time. This is called “volatility”.

In general, funds with higher volatility will have returns that change more over time. They typically have a greater chance of losing money and have a greater chance of higher returns. Funds with lower volatility tend to have returns that change less over time. They typically have lower returns and may have a lower chance of losing money.

Risk rating Sun Life has rated the volatility of this fund as medium-to-high. This rating is based on how much the fund’s returns have changed from year to year. It doesn’t tell you how volatile the fund will be in the future. The rating can change over time. A fund with a low risk rating can still lose money.

Very low LowLow to medium Medium

Medium to high High

For more information about the risk rating and specific risks that can affect the fund’s returns, see the “potential risks of investing” section of the information folder.

Who is this fund for? This fund is for investors who: • Seek to add exposure to global mid cap equities

• Are long term investors

• Are comfortable with medium to high investment risk

Do not invest in this fund unless you are willing to accept the potential loss of a portion of your investment or if you have a short-term investment horizon.

Are there any guarantees? This fund is being offered under an insurance contract. It comes with guarantees that may protect your investments if the markets go down. The MER includes a separate insurance fee that is charged for the guarantee. For details, please refer to the information folder and contract.

How much does it cost? The following tables show the fees and expenses you could pay to buy, own and sell units of the fund. The fees and expenses – including any commissions – can vary among series of a fund and among funds. Higher commissions can influence advisors to recommend one investment over another. Ask about other funds and investments that may be suitable for you at a lower cost.

Page 174 of 219



May 1, 2017

1. Sales charges

Sales charge option What you pay How it worksFront-end load (FEL) sales charge

0.0% to 5.0% of the purchase price of the units you buy.

You and your advisor negotiate the fee, which may be up to 5% of the cost of the units and you pay this fee to the distributor when you buy the units.

Deferred sales charge (DSC) If you withdraw during:Year 1 5.5%Year 2 5.0%Year 3 5.0%Year 4 4.0%Year 5 4.0%Year 6 3.0%Year 7 2.0%After year 7 Nil

• When you make a premium paymentand purchase deferred sales chargeunits, Sun Life pays the distributor acommission of 5%. Any deferred salescharge you pay goes to Sun Life.

• You do not pay a fee when youpurchase deferred sales charge units.However, if you redeem units withinseven years of making a premiumpayment and purchasing deferredsales charge units, you will pay aredemption fee that starts at up to5.5% of the original cost of the unitsand declines over time.

• This sales charge is a set rate. It isdeducted from the amount youredeem.

• Each year you can redeem up to 10%(20% for RRIF contracts) of the unitsyou held on December 31 of theprevious year plus 10% of the unitsyou bought during the current year,with no deferred sales charge.

• You can switch to units of otherfunds under the insurance contractat any time without paying adeferred sales charge as long as youdo not change your sales charge

Low load (LL) sales charge If you withdraw during:Year 1 3.0%Year 2 2.5%Year 3 2.0%After year 3 Nil

• When you make a premium paymentand purchase low-load sales chargeunits, Sun Life pays the distributor acommission of 2.5%. Any deferredsales charge you pay goes to Sun Life.

• You do not pay a fee when youpurchase low load sales chargeunits. However, if you redeem unitswithin three years of making apremium payment and purchasinglow load sales charge units, you willpay a redemption fee that starts atup to 3% of the original cost of theunits and declines over time.

option. The deferred sales chargeschedule will be based on the dateyou bought your first fund.

2. Ongoing fund expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost of the guarantee. You do not pay the MER directly. It affects you because it reduces the return you get. For details about how the guarantees work, see the information folder and contract.

Guarantee series MER (%)Investment Series 2.98

Trailing commission The trailing commission is an ongoing commission. It is paid for as long as you own the fund. It is for the services and advice that your advisor and distributor provide to you. Sun Life pays the trailing commission of up to 1% to your distributor. It is paid from the fund's management fee and is based on the value of your investment. The rate depends on the sales option you choose.

3. Other feesYou may have to pay other fees when you purchase, switch and transition units of the fund.

Early withdrawal fee 2% of the value of the units you withdraw within 30 days of buying them.

What if I change my mind? You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 2 of this book for details. This page also contains details on how to get more information. This Fund Facts is not complete without page 2.

Page 175 of 219

Sun Life Assurance Company of Canada is a member of the Sun Life Financial group of companies.© Sun Life Assurance Company of Canada, 2017.810-4400A-08-17

Sun Life Assurance Company of Canada is a member of the Sun Life Financial group of companies.© Sun Life Assurance Company of Canada, 2017.810-4400A-10-17

What if I change my mind? You can change your mind about your investment in a fund within two business days of the earlier of the date you received confirmation or five business days after it is mailed. You can also change your mind about subsequent transactions you make under the contract within two business days of the earlier of the date you received confirmation or five business days after it is mailed. In this case the right to cancel only applies to the new transaction.

You have to tell us in writing by email, fax or letter that you want to cancel. The amount returned will be the lesser of the amount you invested or the value of the fund if it has gone down. The amount returned only applies to the specific transaction and will include a refund of any fees you paid.

For more information

This summary may not contain all the information you need. Please read the information folder and contract and guarantee series supplements.

Contact Sun Life Financial or your advisor for additional information.

Sun Life Financial 227 King Street South Waterloo, Ontario N2J 4C5 Toll Free: 1-844-753-4437 (1-844-SLF-GIFS) Facsimilie: 1-855-247-6372 Email: [email protected] Website: www.sunlifegifs.com

Page 2 of 219

Table of contents

Fund availability in Investment Series & Estate Series 5

Fund nameSun GIF Solutions CI Cambridge Canadian Asset Allocation

Sun GIF Solutions CI Cambridge Canadian Equity

Sun GIF Solutions CI Cambridge Global Equity

Sun GIF Solutions CI Signature Diversified Yield II

Sun GIF Solutions CI Signature High Income

Sun GIF Solutions CI Signature Income & Growth

Sun GIF Solutions Daily Interest

Sun GIF Solutions Dollar Cost Average Daily Interest

Sun GIF Solutions Estate Settlement

Sun GIF Solutions Fidelity Floating Rate High Income

Sun GIF Solutions Fidelity Income AllocationSun GIF Solutions Fidelity Monthly Income

Sun GIF Solutions Fidelity NorthStar®

Sun GIF Solutions Fidelity True North®

Sun GIF Solutions Fiera Global Equity

Sun GIF Solutions Fiera US Equity

Sun GIF Solutions Franklin Global Growth

Sun GIF Solutions PH&N Short Term Bond and Mortgage

Sun GIF Solutions RBC Global High Yield Bond

Sun GIF Solutions RBC North American Value

Sun GIF Solutions Strategic Income

Sun GIF Solutions Sun Life BlackRock Canadian Balanced

Sun GIF Solutions Sun Life BlackRock Canadian Composite Equity

Sun GIF Solutions Sun Life BlackRock Canadian Equity

Sun GIF Solutions Sun Life BlackRock Canadian Universe Bond

Sun GIF Solutions Sun Life Dynamic American

Sun GIF Solutions Sun Life Dynamic Equity Income

Sun GIF Solutions Sun Life Dynamic Strategic Yield

Sun GIF Solutions Sun Life Franklin Bissett Canadian Equity

Sun GIF Solutions Sun Life Granite Balanced

Sun GIF Solutions Sun Life Granite Balanced Growth

Sun GIF Solutions Sun Life Granite Conservative

Sun GIF Solutions Sun Life Granite Enhanced Income

Sun GIF Solutions Sun Life Granite Growth

Sun GIF Solutions Sun Life Granite Income

Sun GIF Solutions Sun Life Granite Moderate

Sun GIF Solutions Sun Life MFS Canadian Bond

Sun GIF Solutions Sun Life MFS Canadian Equity Growth

Sun GIF Solutions Sun Life MFS Canadian Equity Value

Sun GIF Solutions Sun Life MFS Dividend Income

Sun GIF Solutions Sun Life MFS Global Growth

Sun GIF Solutions Sun Life MFS Global Total Return

Sun GIF Solutions Sun Life MFS Global Value

7

1013

16

1922

25

27

30

32

35

38

41

44

47

50

53

56

59

62

65

68

71

7477

80

83

86

89

9295

98

101

104107

110

113

116

119

122

125

128

131

Page 3 of 219

Table of contents (continued)

Fund nameSun GIF Solutions Sun Life MFS International Growth

Sun GIF Solutions Sun Life MFS International Value

Sun GIF Solutions Sun Life MFS Low Volatility Global Equity

Sun GIF Solutions Sun Life MFS Low Volatility International Equity

Sun GIF Solutions Sun Life MFS Monthly Income

Sun GIF Solutions Sun Life MFS US Equity

Sun GIF Solutions Sun Life MFS US Growth

Sun GIF Solutions Sun Life MFS US Value

Sun GIF Solutions Sun Life Money Market

Sun GIF Solutions Sun Life Multi-Strategy Bond

Sun GIF Solutions Sun Life NWQ Flexible Income

Sun GIF Solutions Sun Life Schroder Emerging Markets

Sun GIF Solutions Sun Life Sentry Conservative Balanced

Sun GIF Solutions Sun Life Sentry Global Mid Cap

Sun GIF Solutions Sun Life Sentry Infrastructure

Sun GIF Solutions Sun Life Sentry Value

Sun GIF Solutions Sun Life Sionna Canadian Small Cap Equity

Sun GIF Solutions Sun Life Templeton Global Bond

Sun GIF Solutions Sun Life Trimark Canadian

Sun GIF Solutions TD Canadian Bond

Sun GIF Solutions TD Dividend Income

Sun GIF Solutions TD Real Return Bond

Sun GIF Solutions TrimarkAdditional information

Information specific to F class fundsInformation specific to Private Client program – O class

Ratios & supplementary data – management feesRatios & supplementary data – insurance fees

Summary of the investment objectives of each fund

134

137

140143

146

149

152155

158161

164

167170

173

176

179

182

185

188

191194

197

200

203

207

210

212

Page 4 of 219

214

Fund availability in Investment Series & Estate Series

Investment Series Estate Series

FEL, LL, DSC F class

Eligible for Private Client

O class



O class

Sun GIF Solutions CI Cambridge Canadian Asset Allocation ✔ ✔

Sun GIF Solutions CI Cambridge Canadian Equity ✔ ✔

Sun GIF Solutions CI Cambridge Global Equity ✔ ✔

Sun GIF Solutions CI Signature Diversified Yield II ✔ ✔

Sun GIF Solutions CI Signature High Income ✔ ✔

Sun GIF Solutions CI Signature Income & Growth ✔ ✔

Sun GIF Solutions Daily Interest ✔ ✔

Sun GIF Solutions Dollar Cost Average Daily Interest ✔ ✔

Sun GIF Solutions Estate Settlement ✔ ✔

Sun GIF Solutions Fidelity Floating Rate High Income ✔ ✔

Sun GIF Solutions Fidelity Income Allocation ✔ ✔

Sun GIF Solutions Fidelity Monthly Income ✔ ✔

Sun GIF Solutions Fidelity NorthStar® ✔

Sun GIF Solutions Fidelity True North® ✔ ✔

Sun GIF Solutions Fiera Global Equity ✔ ✔

Sun GIF Solutions Fiera US Equity ✔

Sun GIF Solutions Franklin Global Growth ✔

Sun GIF Solutions PH&N Short Term Bond and Mortgage ✔ ✔

Sun GIF Solutions RBC Global High Yield Bond ✔ ✔

Sun GIF Solutions RBC North American Value ✔ ✔

Sun GIF Solutions Sun Life BlackRock Canadian Balanced ✔ ✔ ✔ ✔ ✔ ✔


✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life BlackRock Canadian Equity ✔ ✔ ✔ ✔ ✔ ✔


✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life Dynamic American ✔ ✔ ✔

Sun GIF Solutions Sun Life Dynamic Equity Income ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life Dynamic Strategic Yield ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life Franklin Bissett Canadian Equity ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life Granite Balanced ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life Granite Balanced Growth ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life Granite Conservative ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life Granite Enhanced Income ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life Granite Growth ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life Granite Income ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life Granite Moderate ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life MFS Canadian Bond ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life MFS Canadian Equity Growth ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life MFS Canadian Equity Value ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life MFS Dividend Income ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life MFS Global Growth ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life MFS Global Total Return ✔ ✔ ✔ ✔ ✔ ✔

Page 5 of 219

Investment Series Estate Series



O class



O class

Fund availability in Investment Series & Estate Series (continued)

Sun GIF Solutions Sun Life MFS Global Value ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life MFS International Growth ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life MFS International Value ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life MFS Low Volatility Global Equity ✔ ✔ ✔ ✔ ✔ ✔


✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life MFS Monthly Income ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life MFS US Equity ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life MFS US Growth ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life MFS US Value ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life Money Market ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life Multi-Strategy Bond ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life NWQ Flexible Income ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life Schroder Emerging Markets ✔ ✔ ✔

Sun GIF Solutions Sun Life Sentry Conservative Balanced ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life Sentry Global Mid Cap ✔ ✔ ✔

Sun GIF Solutions Sun Life Sentry Infrastructure ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life Sentry Value ✔ ✔ ✔ ✔ ✔ ✔


✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions Sun Life Templeton Global Bond ✔ ✔ ✔

Sun GIF Solutions Sun Life Trimark Canadian ✔ ✔ ✔ ✔ ✔ ✔

Sun GIF Solutions TD Canadian Bond ✔ ✔

Sun GIF Solutions TD Dividend Income ✔ ✔

Sun GIF Solutions TD Real Return Bond ✔ ✔

Sun GIF Solutions Trimark ✔

Sun GIF Solutions Daily Interest, Sun GIF Solutions Dollar Cost Average Daily Interest and Sun GIF Solutions Strategic Income are included in the market value of Private Client eligible units, but are not eligible for management fee reductions, and are not available in O Class.

Page 6 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions CI Cambridge Canadian Asset Allocation

May 1, 2017

Quick factsDate fund created: May 4, 2015Date series available: May 4, 2015Total value of the fund: $11,092,249Total value on: December 31, 2016

Underlying fund manager: CI Investments Inc.Underlying fund sub-advisor: N/APortfolio turnover rate: 33%





Estate Series $500.00 3.24 $10.3707 473,410.732

What does the fund invest in? The fund invests in the Cambridge Canadian Asset Allocation Corporate Class (the "underlying fund"). This fund's objective is to achieve a superior total investment return by investing, directly or indirectly, in a combination of primarily equity and fixed income securities of Canadian companies. Indirect investments may include convertible securities, derivatives, equity-related securities and securities of other mutual funds.


Top 10 investments (December 31, 2016)1. Cambridge Bond Fund 22.1%2. Walgreens Boots Alliance Inc 2.8%3. Franco-Nevada Corp 2.2%4. PrairieSky Royalty 2.1%5. Tourmaline Oil Corp 2.0%6. Keyera Corp 1.9%7. Brookfield Infrastructure Partners LP 1.8%8. Chubb Ltd 1.8%9. George Weston Limited 1.8%10. Roche Holding AG 1.5%




19.0% Canadian Fixed Income

15.8% U.S. Equity

10.5% U.S. Fixed Income


1.3% International Fixed Income



Year-by-year returns (%) This chart shows how units of the fund have performed in the past 9 years. In the last 9 years the fund was up in value 8 years, and down in value 1 year. The range of returns and change from year to year can help you assess how risky the fund has been in the past. It does not tell you how the fund will perform in the future.

40%

30%20%10%

0%

10%20%30%40%

-18.1

2008

26.8

2009

15.8

2010

1.6

2011

6.1

2012

21.4

2013

13

2014

6.6

2015

6.2

2016

Cambridge Canadian Asset Allocation Corporate Class

Sun GIF Solutions CI Cambridge Canadian Asset Allocation

Average return (%) As at December 31, 2016, a person who invested $1,000 in the fund on May 4, 2015 now has $1,046. This works out to an annual compound return of 2.8%.

Page 7 of 219

FUND FACTS


May 1, 2017




Risk rating Sun Life has rated the volatility of this fund as low-to-medium. This rating is based on how much the fund’s returns have changed from year to year. It doesn’t tell you how volatile the fund will be in the future. The rating can change over time. A fund with a low risk rating can still lose money.

Very low LowLow to medium Medium Medium to

highHigh


Who is this fund for? This fund is for investors who: • Want to invest in a diversified portfolio of equity and fixed income

securities• Want active asset allocation among equity securities, fixed income

securities and cash• Are investing for the medium term

• Can tolerate low to medium risk




Page 8 of 219

FUND FACTS


May 1, 2017

1. Sales charges





• When you make a premium payment and purchase deferred sales charge units, Sun Life pays the distributor a commission of 5%. Any deferred sales charge you pay goes to Sun Life.

• You do not pay a fee when you purchase deferred sales charge units. However, if you redeem units within seven years of making a premium payment and purchasing deferred sales charge units, you will pay a redemption fee that starts at up to 5.5% of the original cost of the units and declines over time.

• This sales charge is a set rate. It is deducted from the amount you redeem.

• Each year you can redeem up to 10% (20% for RRIF contracts) of the units you held on December 31 of the previous year plus 10% of the units you bought during the current year, with no deferred sales charge.

• You can switch to units of other funds under the insurance contract at any time without paying a deferred sales charge as long as you do not change your sales charge


• When you make a premium payment and purchase low-load sales charge units, Sun Life pays the distributor a commission of 2.5%. Any deferred sales charge you pay goes to Sun Life.

• You do not pay a fee when you purchase low load sales charge units. However, if you redeem units within three years of making a premium payment and purchasing low load sales charge units, you will pay a redemption fee that starts at up to 3% of the original cost of the units and declines over time.

option. The deferred sales charge schedule will be based on the date you bought your first fund.

2. Ongoing fund expenses The MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost of the guarantee. You do not pay the MER directly. It affects you because it reduces the return you get. For details about how the guarantees work, see the information folder and contract.


Estate Series 3.24


3. Other fees You may have to pay other fees when you purchase, switch and transition units of the fund.



Page 9 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions CI Cambridge Canadian Equity

May 1, 2017







Estate Series $500.00 3.41 $11.0450 133,008.073

What does the fund invest in? The fund invests in the Cambridge Canadian Equity Corporate Class (the "underlying fund"). This fund’s objective is to achieve long-term capital growth by investing, directly or indirectly, primarily in equity securities of Canadian companies. Indirect investments may include convertible securities, derivatives, equity-related securities and securities of other mutual funds.


Top 10 investments (December 31, 2016)1. Walgreens Boots Alliance Inc 4.7%2. Franco-Nevada Corp 3.8%3. Tourmaline Oil Corp 3.7%4. PrairieSky Royalty 3.6%5. Keyera Corp 3.2%6. Brookfield Infrastructure Partners LP 3.0%7. George Weston Limited 3.0%8. Chubb Ltd 3.0%9. Roche Holding AG 2.6%10. Fluor Corp 2.4%




27.0% U.S. Equity





40%

30%20%10%

0%

10%20%30%40%

-19.6

2008

26.9

2009

15.1

2010

1.2

2011

19.4

2012

30.4

2013

17.1

2014

3.1

2015

15.3

2016

Cambridge Canadian Equity Corporate Class



Page 10 of 219

FUND FACTS


May 1, 2017




Risk rating Sun Life has rated the volatility of this fund as medium. This rating is based on how much the fund’s returns have changed from year to year. It doesn’t tell you how volatile the fund will be in the future. The rating can change over time. A fund with a low risk rating can still lose money.


highHigh


Who is this fund for? This fund is for investors who: • Want a core Canadian equity fund for your portfolio

• Are investing for the medium and/or long term

• Can tolerate medium risk




Page 11 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 3.41





Page 12 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions CI Cambridge Global Equity

May 1, 2017







Estate Series $500.00 3.49 $10.7045 133,851.782

What does the fund invest in? The fund invests in the Cambridge Global Equity Corporate Class (the "underlying fund"). This fund's objective is to achieve long-term capital growth by investing, directly or indirectly, primarily in equity securities of companies located anywhere in the world. Indirect investments may include convertible securities, derivatives, equity-related securities and securities of other mutual funds.


Top 10 investments (December 31, 2016)1. Walgreens Boots Alliance Inc 4.7%2. Roche Holding AG 4.1%3. Chubb Ltd 3.6%4. Alphabet Inc Class A 3.2%5. Broadcom Ltd 3.1%6. First Republic Bank 3.1%7. Nitori 3.0%8. Schlumberger Ltd 2.9%9. Keyence Corp 2.9%10. Visa Inc 2.6%




31.3% U.S. Equity




Year-by-year returns (%) This chart shows how units of the fund have performed in the past 9 years. In the last 9 years the fund was up in value 7 years, and down in value 2 years. The range of returns and change from year to year can help you assess how risky the fund has been in the past. It does not tell you how the fund will perform in the future.

40%

30%20%10%

0%

10%20%30%40%

-16

2008

23.6

2009

11.8

2010

-9.7

2011

17.9

2012

38.8

2013

12.3

2014

7.4

2015

10.4

2016

Cambridge Global Equity Corporate Class



Page 13 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Want a core foreign equity fund for your portfolio

• Are investing for the medium and/or long term

• Can tolerate medium risk




Page 14 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 3.49





Page 15 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions CI Signature Diversified Yield II

May 1, 2017







Estate Series $500.00 3.00 $9.8989 162,576.403

What does the fund invest in? The fund invests in the Signature Diversified Yield II Fund (the "underlying fund"). The fundamental investment objective of Signature Diversified Yield II fund is to generate a high level of income through exposure to a portfolio of fixed income and high-yielding equity securities throughout the world.


Top 10 investments (December 31, 2016)1. Citigroup Inc 2.4%2. VEREIT Inc Class A 2.1%3. Singapore Telecommunications Ltd 1.9%4. Colony Capital Inc 1.8%5. Forest City Realty Trust Inc Class A 1.7%6. Transurban Group 1.3%7. AltaGas Ltd 1.3%8. General Growth Properties 1.2%9. Sydney Airport 1.1%10. Wells Fargo & Co 1.1%





21.0% U.S. Equity







20%

15%10%5%

0%

5%10%15%

20%

15.7

2012

13

2013

11.1

2014

3.1

2015

4.3

2016

Signature Diversified Yield II Fund



Page 16 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Want to receive income and the potential for modest capital

appreciation• Are investing for the medium and/or long term





Page 17 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 3.00





Page 18 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions CI Signature High Income

May 1, 2017







Estate Series $500.00 3.04 $9.9201 277,588.250

What does the fund invest in? The fund invests in the Signature High Income Fund (the "underlying fund"). This fund's objective is to generate a high level of income and long-term capital growth. It invests primarily in high-yielding equity securities and Canadian corporate bonds.


Top 10 investments (December 31, 2016)1. Citigroup Inc 2.7%2. Singapore Telecommunications Ltd 2.3%3. VEREIT Inc Class A 2.2%4. Transurban Group 1.9%5. Canadian Real Estate Investment Trust 1.6%6. AltaGas Ltd 1.6%7. Colony Capital Inc 1.6%8. Brookfield Office Pptys Exchange (Unit) 1.5%9. Wells Fargo & Co 1.2%10. Forest City Realty Trust Inc Class A 1.2%





18.5% U.S. Equity







40%

30%20%10%

0%

10%20%30%40%

1.7

2007

-20.3

2008

32.6

2009

17.1

2010

6.4

2011

13.4

2012

10.4

2013

10.3

2014

0.7

2015

5.420

16

Signature High Income Fund



Page 19 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Want to receive income

• Are investing for the medium term





Page 20 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 3.04





Page 21 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions CI Signature Income & Growth

May 1, 2017







Estate Series $500.00 3.05 $9.9901 134,594.933

What does the fund invest in? The fund invests in the Signature Income & Growth Fund (the "underlying fund"). The fund seeks to provide a steady flow of current income while preserving capital by investing in a diversified portfolio of securities composed mainly of equity, equity-related and fixed income securities of Canadian issuers. The fund may also invest in foreign securities.


Top 10 investments (December 31, 2016)1. Bank of Nova Scotia 3.0%2. Royal Bank Of Canada 2.4%3. Toronto-Dominion Bank 2.4%4. Manulife Financial Corp 2.3%5. Synchrony Financial 1.4%6. Canadian National Railway Co 1.2%7. Suncor Energy Inc 1.1%8. Micron Technology 1.1%9. Citigroup Inc 1.0%10. UnitedHealth Group 1.0%





19.3% U.S. Equity







40%

30%20%10%

0%

10%20%30%40%

4.2

2007

-19.4

2008

30.4

2009

13

2010

-0.7

2011

12.2

2012

16.7

2013

11.9

2014

0.7

2015

7.620

16

Signature Income & Growth Fund



Page 22 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Are seeking a regular income

• Are investing for the medium term





Page 23 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 3.05





Page 24 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Daily Interest

May 1, 2017


Fund manager: Sun Life Assurance Company of CanadaFund sub-advisor: N/APortfolio turnover rate: 0%





Estate Series $500.00 0.89 $10.0267 266,379.905

What does the fund invest in? The investment objective of the fund is to provide investors with interest income.

The charts below give you a snapshot of the Fund's investments on December 31, 2016. The fund’s investments will change.

Top 10 investments (December 31, 2016)1. Cash 100.0%





Year-by-year returns (%) This chart shows how units of the fund have performed in the past 1 year. In the last 1 year the fund was up in value 1 year, and down in value 0 years. The range of returns and change from year to year can help you assess how risky the fund has been in the past. It does not tell you how the fund will perform in the future.

10%

7%5%2%

0%

2%5%7%

10%

0.2

2016





Risk rating Sun Life has rated the volatility of this fund as very low. This rating is based on how much the fund’s returns have changed from year to year. It doesn’t tell you how volatile the fund will be in the future. The rating can change over time. A fund with a low risk rating can still lose money.


high High


Page 25 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Daily Interest

May 1, 2017

Who is this fund for? This fund is for investors who: • Are conservative and income-oriented

• Have a shorter investment time horizon

• Are comfortable with low investment risk

Do not invest in this fund if you have a longer term investment horizon, a higher risk tolerance or are seeking capital appreciation from your investment.



1. Sales chargesSales charge option What you pay How it worksFront-end load (FEL) sales charge

0% of the purchase price of the units you buy.

No front end load (FEL) sales charge can be charged on this fund. You and your advisor negotiate the fee when you fund switch from this fund to units of other funds available under your contract.

Deferred sales charge (DSC)

Low load (LL) sales charge

No deferred sales charge (DSC) or low load (LL) sales charge is applicable to premiums deposited to this fund. You may pay a DSC or LL sales charge based on the original purchase date of units fund switched into or out of this fund. For more information on the original purchase date, refer to the How it works section.

• No sales charge applies to premiums deposited to this fund. A fund switch from units of this fund to units of another fund with a DSC or LL sales charge will result in the applicable DSC or LL schedule applying to those units acquired, and the date of the fund switch will be treated as the date of purchase of the units.

• If units of this fund are acquired as a result of a fund switch from units of another fund with a DSC or LL sales charge option, the DSC or LL schedule which previously applied to the units switched will continue to apply to the units of this fund acquired. That schedule will continue to apply if those units are switched to another fund in the future.

• You do not pay a fee when you buy units of this fund.



Estate Series 0.89

Trailing commission The trailing commission is an ongoing commission. It is paid for as long as you own the fund. It is for the services and advice that your advisor and distributor provide to you. Sun Life pays the trailing commission of up to 0.2% to your distributor. It is paid from the fund's management fee and is based on the value of your investment. The rate depends on the sales option you choose.




Page 26 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Dollar Cost Average Daily Interest

May 1, 2017






Investment Series $5,000.00 0.88 $10.0259 481,118.369

Estate Series $5,000.00 0.93 $10.0167 494,800.776


The charts below give you a snapshot of the Fund's investments on December 31, 2016. The fund’s investments will change.







10%

7%5%2%

0%

2%5%7%

10%

0.2

2016







high High


Page 27 of 219

FUND FACTS


May 1, 2017






1. Sales charges














Page 28 of 219

FUND FACTS


May 1, 2017



Estate Series 0.93





Page 29 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Estate Settlement

May 1, 2017






Investment Series N/A 0.84 $10.0203 1,099.871

Estate Series N/A 0.81 $10.2147 69,115.020

Income Series N/A 0.84 $10.0277 4,764.137


The charts below give you a snapshot of the fund's investments on December 31, 2016. The fund’s investments will change.







10%

7%5%2%

0%

2%5%7%

10%

0.3

2016







Medium to high High


Page 30 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Estate Settlement

May 1, 2017







1. Sales chargesSales charge option What you pay How it worksFront-end load (FEL) sales charge











Estate Series 0.81

Income Series 0.84





Page 31 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Fidelity Floating Rate High Income

May 1, 2017


Underlying fund manager: Fidelity Investments Canada ULCUnderlying fund sub-advisor: N/APortfolio turnover rate: 45%





Estate Series $500.00 2.66 $11.3240 59,130.617

What does the fund invest in? The fund invests in the Fidelity Floating Rate High Income Fund (the "underlying fund"). A high yield offering that aims to provide a steady flow of income. It primarily invests in the floating rate debt of non-investment-grade issuers located in the U.S. or whose debt is denominated in U.S. dollars


Top 10 investments (December 31, 2016)1. Caesars Growth Term 1ln 2021-05-08 1.2%2. Laureate Edu Term B 2018-06-16 1.0%3. Coinmach Term B 2019-11-14 0.9%4. Intelsat Jackson Term B-2 2019-06-30 0.9%5. Albertsons Term B-4 2021-08-25 0.9%6. Valeant Pharm Term E 2020-08-05 0.7%7. Kronos Inc Term B 1LN 2023-01-23 0.7%8. Community Health Trm D 2021-01-27 0.7%9. Caesars Prop Tm B 1LN 2020-11-10 0.7%10. Light Tower Term B-1 2020-04-11 0.6%








20%

15%10%5%

0%

5%10%15%

20%

5.7

2014

20

2015

4.4

2016

Fidelity Floating Rate High Income Fund



Page 32 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Plan to hold their investment for the long-term

• Want to gain exposure to floating rate securities

• Are seeking income from their investment




Page 33 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 2.66





Page 34 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Fidelity Income Allocation

May 1, 2017







Estate Series $500.00 3.14 $10.2504 445,912.614

What does the fund invest in? The fund invests in the Fidelity Income Allocation Fund (the "underlying fund"). Fidelity Income Allocation fund offers exposure to multiple fixed income asset classes and income-oriented equities and aims to provide investors with monthly yield and total return potential in a tactical asset allocation fund.


Top 10 investments (December 31, 2016)1. Canada Govt 1.25% 2047-12-01 3.3%2. Ontario Prov Cda 4.2% 2020-06-02 2.2%3. Sector SPDR - Energy ETF 1.5%4. Toronto-Dominion Bank 1.2%5. Canada Govt 5.75% 2033-06-01 1.1%6. Vaneck Vectors Gold Miners ETF 1.0%7. Canada Govt 5% 2037-06-01 0.9%8. TransCanada Corp 0.9%9. Ontario Prov Cda 2.85% 2023-06-02 0.9%10. Rogers Communications Inc Class B 0.8%

Total percentage of top 10 investments 13.8%Total number of investments 2,776




8.6% U.S. Equity





40%

30%20%10%

0%

10%20%30%40%

13

2007

3.2

2008

-15.5

2009

23.9

2010

13

2011

5.6

2012

6.2

2013

9.8

2014

6.2

2015

2.820

16

Fidelity Income Allocation Fund

Sun GIF Solutions Fidelity Income Allocation


Page 35 of 219

FUND FACTS


May 1, 2017






highHigh



• Want to gain exposure to Canadian and foreign equity and fixed income securities

• Want the potential for both income and capital gains




Page 36 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 3.14





Page 37 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Fidelity Monthly Income

May 1, 2017







Estate Series $500.00 3.20 $10.3379 744,234.925

What does the fund invest in? The fund invests in the Fidelity Monthly Income Fund (the "underlying fund"). Fidelity Monthly Income fund offers a unique combination of high yielding equity and fixed-income securities, actively managed to aim to deliver a balance of income and growth.


Top 10 investments (December 31, 2016)1. Canadian Bond - Series O 27.2%2. Fidelity Income Trust Fund 15.2%3. Fidelity Cdn American High Yield Fund Series O 10.7%4. FICL Cash C1 0.47% 2017-01-03 6.5%5. Fidelity Convertible Securities Invt Tr 5.1%6. Fidelity Emerging Markets Debt Investment Trust Series

O4.9%

7. Fidelity High Income Comm Real Estate Series O 2.0%8. Toronto-Dominion Bank 1.6%9. Fidelity Floating Rate Hi Inc Series O 1.0%10. iShares TIPS Bond ETF 1.0%





10.4% U.S. Equity





20%

15%10%5%

0%

5%10%15%

20%

13.7

2007

-0.5

2008

-10.5

2009

15.8

2010

15.9

2011

3.7

2012

9

2013

11.3

2014

3.5

2015

620

16

Fidelity Monthly Income Fund

Sun GIF Solutions Fidelity Monthly Income


Page 38 of 219

FUND FACTS


May 1, 2017






highHigh



• Want to gain exposure to both equity and fixed income securities

• Want the potential for both income and capital gains

• Want the convenience of a diversified portfolio in a single fund

• Can handle the volatility of returns generally associated with equity investments




Page 39 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 3.20





Page 40 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Fidelity NorthStar®

May 1, 2017







What does the fund invest in? The fund invests in the Fidelity NorthStar® Fund (the "underlying fund"). Fidelity NorthStar® fund has an open mandate to seek the best ideas wherever they may lie, based on the convictions of veteran managers.


Top 10 investments (December 31, 2016)1. Anthem Inc 3.3%2. Gilead Sciences Inc 3.1%3. Seria Co Ltd 2.4%4. Ottogi Corp 2.0%5. Teva Pharmaceutical 1.9%6. Bed Bath & Beyond Inc 1.5%7. Johnson & Johnson 1.5%8. Hyundai Mobis Co Ltd 1.4%9. Deckers Outdoor Corp 0.9%10. Wal-Mart 0.9%




21.3% U.S. Equity





40%

30%20%10%

0%

10%20%30%40%

4.3

2007

-11.2

2008

-31.1

2009

34.3

2010

9.4

2011

-3

2012

14.3

2013

34.6

2014

27.8

2015

-2.820

16

Fidelity NorthStar® Fund



Page 41 of 219

FUND FACTS


May 1, 2017






highHigh



• Want to gain global equity exposure





Page 42 of 219

FUND FACTS


May 1, 2017

1. Sales charges




















Page 43 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Fidelity True North®

May 1, 2017







Estate Series $500.00 3.60 $10.0738 239,352.494

What does the fund invest in? The fund invests in the Fidelity True North® Fund (the "underlying fund"). Fidelity True North® fund delivers superior long-term growth potential through its freedom to pursue opportunities throughout the Canadian market.


Top 10 investments (December 31, 2016)1. Toronto-Dominion Bank 8.8%2. Canadian National Railway Co 4.2%3. Suncor Energy Inc 3.6%4. CGI Group Inc Class A 3.4%5. Rogers Communications Inc Class B 3.3%6. Royal Bank Of Canada 3.2%7. Loblaw Companies Ltd 3.0%8. Enbridge Inc 2.7%9. Manulife Financial Corp 2.7%10. Alimentation Couche-Tard Inc 2.4%





8.8% U.S. Equity




40%

30%20%10%

0%

10%20%30%40%

27.5

2007

8.6

2008

-28.3

2009

7.1

2010

16.6

2011

-6.6

2012

15.9

2013

21.8

2014

0.4

2015

8.820

16

Fidelity True North® Fund



Page 44 of 219

FUND FACTS


May 1, 2017






highHigh



• Want to gain Canadian equity exposure





Page 45 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 3.60





Page 46 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Fiera Global Equity

May 1, 2017


Underlying fund manager: Fiera Capital CorporationUnderlying fund sub-advisor: N/APortfolio turnover rate: 8%





Estate Series $500.00 3.47 $10.7335 73,885.803

What does the fund invest in? The fund invests in the Fiera Global Equity Fund (the "underlying fund"). The objective of the fund is to achieve over the longer term the highest possible return that is consistent with a fundamental investment philosophy through investment primarily in foreign equity securities and to provide long-term capital appreciation through a portfolio of broadly diversified securities, by region and industry, invested primarily in the U.S. and International markets.


Top 10 investments (December 31, 2016)1. Johnson & Johnson 4.7%2. Moody's Corp 4.3%3. Keyence Corp 4.2%4. Becton Dickinson & Co 4.0%5. MasterCard Inc Class A 3.5%6. U.S. Bancorp 3.3%7. Unilever 3.3%8. Nestle SA 3.3%9. 3M Co 3.2%10. TJX Companies 3.1%



56.2% U.S. Equity





40%

30%20%10%

0%

10%20%30%40%

13.3

2010

5.7

2011

17.5

2012

37.5

2013

16.6

2014

22

2015

-0.4

2016

Fiera Global Equity Fund



Page 47 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Are looking for a core global equity investment

• Have a medium to long term investment horizon

• Are comfortable with moderate investment risk




Page 48 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 3.47





Page 49 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Fiera US Equity

May 1, 2017


Underlying fund manager: Fiera Capital CorporationUnderlying fund sub-advisor: N/APortfolio turnover rate: 16%





What does the fund invest in? The fund invests in the Fiera US Equity Fund (the "underlying fund"). The objective of the fund is to achieve over the longer term the highest possible return that is consistent with a fundamental investment philosophy through investment primarily in U.S. equity securities. To provide long-term capital appreciation through a portfolio of broadly diversified securities, by industry, invested primarily in the U.S. market.


Top 10 investments (December 31, 2016)1. Johnson & Johnson 6.4%2. Moody's Corp 5.7%3. Becton Dickinson & Co 4.9%4. MasterCard Inc Class A 4.5%5. U.S. Bancorp 4.5%6. PepsiCo 4.4%7. United Technologies Corp 4.0%8. UnitedHealth Group 4.0%9. Autozone Inc 4.0%10. 3M Co 4.0%



99.4% U.S. Equity




60%

45%30%15%

0%

15%30%45%60%

11.1

2010

8.2

2011

13.2

2012

47.8

2013

27

2014

21.8

2015

2.6

2016

Fiera US Equity Fund



Page 50 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Are looking for a core US equity investment

• Have a medium to long term investment horizon

• Are comfortable with moderate investment risk




Page 51 of 219

FUND FACTS


May 1, 2017

1. Sales charges




















Page 52 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Franklin Global Growth

May 1, 2017


Underlying fund manager: Franklin Templeton Investments Corp.Underlying fund sub-advisor: N/APortfolio turnover rate: 33%





What does the fund invest in? The fund invests in the Franklin Global Growth Fund (the "underlying fund"). Long-term capital appreciation by investing primarily in equity securities of growth companies with any market size capitalization, which are located throughout the world.


Top 10 investments (December 31, 2016)1. Lazard Ltd 3.5%2. Signature Bank 3.5%3. Delphi Automotive PLC 3.3%4. KBC Groep NV 3.3%5. Alkermes PLC 3.1%6. Adobe Systems Inc 3.0%7. Infineon Technologies AG 2.9%8. Apple Inc 2.9%9. Check Point Software Technologies Ltd 2.9%10. MTU Aero Engines AG 2.9%



43.3% U.S. Equity





40%

30%20%10%

0%

10%20%30%40%

17.8

2012

24.1

2013

11.6

2014

15.3

2015

-4.5

2016

Franklin Global Growth Fund



Page 53 of 219

International Equity

Page 53 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Seeking a growth fund investing in high-growth potential companies

around the world• Planning to hold their investment for the medium to long term




Page 54 of 219

FUND FACTS


May 1, 2017

1. Sales charges




















Page 55 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions PH&N Short Term Bond and Mortgage

May 1, 2017


Underlying fund manager: RBC Global Asset Management Inc.Underlying fund sub-advisor: N/APortfolio turnover rate: 150%





Estate Series $500.00 2.35 $9.9051 92,247.214

What does the fund invest in? The fund invests in the Phillips, Hager & North Short Term Bond & Mortgage Fund (the "underlying fund"). To provide relatively high yields and stability of capital by investing primarily in a well-diversified portfolio of short-term fixed income securities issued by Canadian governments and corporations, and first mortgages on property located in Canada.


Top 10 investments (December 31, 2016)1. Ontario Prov Cda 4.4% 2019-06-02 4.3%2. Canada Govt 0.50% 2018-11-01 4.2%3. Canada Govt 0.50% 2019-02-01 3.7%4. Ontario Prov Cda 4.2% 2020-06-02 3.2%5. Canada Govt 0.50% 2022-03-01 2.8%6. Toronto-Dominion Bank 1.680% 2021-06-08 2.5%7. Canada Hsg Tr No 1 1.25% 2021-06-15 2.4%8. Canada Hsg Tr No 1 1.95% 2019-06-15 2.4%9. Canada Hsg Tr No 1 1.15% 2021-12-15 2.3%10. Canada Hsg Tr No 1 1.25% 2020-12-15 2.1%







10%

7%5%2%

0%

2%5%7%

10%

6.9

2009

2.9

2010

3.1

2011

1.6

2012

1

2013

2.5

2014

1.7

2015

-0.4

2016

Phillips, Hager & North Short Term Bond & Mortgage Fund



Page 56 of 219

FUND FACTS


May 1, 2017




Risk rating Sun Life has rated the volatility of this fund as low. This rating is based on how much the fund’s returns have changed from year to year. It doesn’t tell you how volatile the fund will be in the future. The rating can change over time. A fund with a low risk rating can still lose money.


highHigh


Who is this fund for? This fund is for investors who: • Are seeking higher levels of current interest income compared to

money market fund investments• Are planning to hold the investment for the short-to-medium term




Page 57 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 2.35





Page 58 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions RBC Global High Yield Bond

May 1, 2017


Underlying fund manager: RBC Global Asset Management Inc.Underlying fund sub-advisor: RBC Global Asset Management (UK) LimitedPortfolio turnover rate: 42%





Estate Series $500.00 2.37 $10.5426 130,566.344

What does the fund invest in? The fund invests in the RBC Global High Yield Bond Fund (the "underlying fund"). The fund seeks to provide above average total returns and achieve a yield advantage. To provide total returns comprised of interest income and capital growth. The fund invests primarily in higher yielding corporate or government debt securities from anywhere around the world.


Top 10 investments (December 31, 2016)1. Government of the Philippines 7.75% 2031-01-14 1.1%2. US Treasury Note 2.25% 2025-11-15 1.1%3. Republic of Turkey USD 4.875% 2043-04-16 0.9%4. Government of Indonesia 4.88% 2021-05-05 0.9%5. Republic of Panama USD 7.125% 2026-01-29 0.9%6. CCO Holdings LLC 5.750% 2026-02-15 0.9%7. HCA Inc 5.88% 2026-02-15 0.8%8. Dominican Republic 7.45% 2044-04-30 0.8%9. Government of Croatia 6.75% 2019-11-05 0.7%10. Government of Vietnam, 4.80% Jan. 19 24 0.7%









40%

30%20%10%

0%

10%20%30%40%

4.2

2007

-10.9

2008

27.6

2009

11

2010

6.3

2011

14.5

2012

-0.3

2013

4.9

2014

-1

2015

10.420

16

RBC Global High Yield Bond Fund



Page 59 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Want the potential for above average fixed-income returns by

investing in lower-rated debt securities• Want exposure to higher yield debt securities to diversify the fixed-

income portion of their overall portfolio• Are planning to hold their investment for the medium-to-long term

• Are comfortable with low to medium investment risk




Page 60 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 2.37





Page 61 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions RBC North American Value

May 1, 2017


Underlying fund manager: RBC Global Asset Management Inc.Underlying fund sub-advisor: N/APortfolio turnover rate: 56%





Estate Series $500.00 3.51 $10.5079 30,223.320

What does the fund invest in? The fund invests in the RBC North American Value Fund (the "underlying fund"). To provide long-term capital growth by investing primarily in equity securities of Canadian and/or U.S. companies priced below their true value and offering long-term opportunities for growth.


Top 10 investments (December 31, 2016)1. Bank of Nova Scotia 3.8%2. Royal Bank Of Canada 3.7%3. Toronto-Dominion Bank 3.5%4. Brookfield Asset Management Inc Class A 2.9%5. Suncor Energy Inc 2.6%6. Manulife Financial Corp 2.0%7. Enbridge Inc 2.0%8. Canadian National Railway Co 1.8%9. Canadian Natural Resources Ltd 1.7%10. BCE Inc 1.6%




32.8% U.S. Equity





40%

30%20%10%

0%

10%20%30%40%

4.6

2007

-22.7

2008

28.7

2009

15.3

2010

-3.6

2011

11.8

2012

23

2013

12.9

2014

-0.3

2015

11.3

2016

RBC North American Value Fund



Page 62 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Want potential for long-term growth from their investment

• Are looking for a value component for the equity portion of their portfolio

• Are planning to hold their investment for the long term




Page 63 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 3.51





Page 64 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Strategic Income

May 1, 2017






Income Series $25,000.00 2.77 $9.8966 7,950,710.548

What does the fund invest in? This fund invests in underlying funds or directly in securities. The fund or underlying funds are primarily invested in government and corporate debt securities, although the fund or underlying funds may also hold equities and alternative investment class assets. This fund seeks to preserve capital and provide sustainable income.

The charts below give you a snapshot of the fund's investments on December 31, 2016. The fund’s investments will change.

Top 10 investments (December 31, 2016)1. MFS Canadian Fixed Income Fund 50.1%

Ontario Prov Cda 4.7% 2037-06-02 Ontario Prov Cda 4.7% 2037-06-02 Quebec Prov Cda 4.5% 2019-12-01 Canada Hsg Tr No 1 1.75% 2018-06-15 Canada Hsg Tr No 1 3.75% 2020-03-15 Province Of Ontario 3.45% 2045-06-02 Canada Govt 1.5% 2023-06-01 Canada Govt 1.5% 2026-06-01 Ontario Prov Cda 3.15% 2022-06-02 Province of Alberta 2.35%, 2025-01-25

2. MFS Canadian Long Term Fixed Income 35.2%3. RBC Global High Yield Bond Sr O 14.7%









10%

7%5%2%

0%

2%5%7%

10%

1.7

2016


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highHigh


Who is this fund for? This fund is for investors who: • Seek a moderate degree of income and potential for capital gains

• Are medium to long-term investors





Page 66 of 219

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1. Sales charges















Guarantee series MER (%)Income Series 2.77





Page 67 of 219

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Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life BlackRock Canadian Balanced

May 1, 2017


Underlying fund manager: Sun Life Global Investments (Canada) Inc.Underlying fund sub-advisor: BlackRock Asset Management Canada

Limited; BlackRock Institutional Trust Company, N.A.

Portfolio turnover rate: 11%





Estate Series $500.00 2.73 $9.9693 224,040.827

What does the fund invest in? The fund invests in the Sun Life BlackRock Canadian Balanced Fund (the "underlying fund"). The fund’s investment objective is to seek a combination of income and growth by investing primarily in Canadian equity securities and Canadian debt instruments directly or indirectly through mutual funds and exchange-traded funds that invest in such securities. The fund may invest up to 45% in foreign securities directly or indirectly through mutual funds that invest in such securities.


Top 10 investments (December 31, 2016)1. Sun Life BlackRock Canadian Composite Equity Fund,

Series I42.6%

2. Sun Life BlackRock Canadian Universe Bond Fund, Series I

23.5%

3. iShares Core U.S. Aggregate Bond ETF 7.1%4. iShares Global Tech ETF 5.2%5. iShares International Treasury Bond ETF 4.5%6. iShares Global Healthcare ETF 4.3%7. iShares Global Consumer Discretionary ETF 2.9%8. iShares Global Consumer Staples ETF 2.8%9. iShares iBoxx $ High Yield Corporate Bond ETF 2.1%10. iShares Global Industrials ETF 2.0%









10%

7%5%2%

0%

2%5%7%

10%

-3.1

2011

5.7

2012

8.5

2013

7.9

2014

-2.4

2015

7.5

2016

Sun Life BlackRock Canadian Balanced Fund



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highHigh


Who is this fund for? This fund is for investors who: • Seek a Canadian focused balanced fund with broad diversification

• Seek a moderate degree of growth and income






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Estate Series 2.73





Page 70 of 219

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Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life BlackRock Canadian Composite Equity

May 1, 2017









Estate Series $500.00 2.88 $9.9033 51,476.488

What does the fund invest in? The fund invests in the Sun Life BlackRock Canadian Composite Equity Class (the "underlying fund"). The fund’s investment objective is to seek long-term capital appreciation through exposure to primarily equity securities included in a broad and recognized Canadian equity market index that includes primarily large and mid-market capitalization companies the securities of which are considered to be the most liquid in Canadian equity markets by investing primarily in units of Sun Life BlackRock Canadian Composite Equity fund or its successor fund (the "underlying trust fund"). The underlying fund information for the Top 10 investments, Investment mix and past performance sections below relate to the underlying trust fund.


Top 10 investments (December 31, 2016)1. Royal Bank Of Canada 6.6%2. Toronto-Dominion Bank 6.0%3. Bank of Nova Scotia 4.4%4. Suncor Energy Inc 3.6%5. Canadian National Railway Co 3.4%6. Bank of Montreal 3.1%7. Enbridge Inc 2.6%8. TransCanada Corp 2.6%9. BCE Inc 2.5%10. Canadian Natural Resources Ltd 2.3%







20%

15%10%5%

0%

5%10%15%

20%

-11.8

2011

7.2

2012

13

2013

10.6

2014

-8.3

2015

17.5

2016

Sun Life BlackRock Canadian Composite Equity Class


Average return (%) As at December 31, 2016, a person who invested $1,000 in the fund on May 4, 2015 now has $999. This works out to an annual compound return of 0.0%.

Page 71 of 219

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highHigh


Who is this fund for? This fund is for investors who: • Seek to have exposure to a broad and recognized Canadian equity

market index• Are long term investors

• Are comfortable with medium investment risk




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1. Sales charges
















Estate Series 2.88





Page 73 of 219

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Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life BlackRock Canadian Equity

May 1, 2017









Estate Series $500.00 2.92 $10.1351 19,113.543

What does the fund invest in? The fund invests in the Sun Life BlackRock Canadian Equity Class (the "underlying fund"). The fund’s investment objective is to seek capital appreciation through exposure to primarily Canadian equity securities by investing primarily in units of Sun Life BlackRock Canadian Equity fund or its successor fund (the "underlying trust fund"). The fund may invest up to 45% of the underlying trust fund's assets in foreign securities. The underlying fund information for the Top 10 investments, Investment mix and past performance sections below relate to the underlying trust fund.


Top 10 investments (December 31, 2016)1. Sun Life BlackRock Canadian Composite Equity Fund,

Series I69.8%

2. iShares Global Tech ETF 8.8%3. iShares Global Healthcare ETF 6.9%4. iShares S&P Global Consumer Discretionary Index ETF 4.9%5. iShares Global Consumer Staples ETF 4.4%6. iShares S&P Global Industrials Index ETF 3.6%7. iShares Global Utilities ETF 0.9%8. iShares Global Real Estate Index Fund 0.6%







20%

15%10%5%

0%

5%10%15%

20%

-9.6

2011

7.5

2012

16.5

2013

10.3

2014

-3.5

2015

12.6

2016

Sun Life BlackRock Canadian Equity Class



Page 74 of 219

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highHigh


Who is this fund for? This fund is for investors who: • Seek a Canadian focused equity fund with broad sector diversification

• Are long-term investors





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1. Sales charges
















Estate Series 2.92





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Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life BlackRock Canadian Universe Bond

May 1, 2017









Estate Series $500.00 2.07 $10.0559 24,902.585

What does the fund invest in? The fund invests in the Sun Life BlackRock Universe Bond Fund (the "underlying fund"). The fund's investment objective is to provide income by replicating, to the extent possible, the performance, net of fees, of a broad and recognized Canadian bond market index (the "Index"). The fund invests directly in fixed income securities included in the Index and/or may achieve indirect exposure to some or all of the Index by investing in exchange-traded funds, mutual funds or derivatives that are correlated to the performance of the Index.


Top 10 investments (December 31, 2016)1. Canada Govt 4% 2041-06-01 1.2%2. Canada Govt 3.75% 2019-06-01 1.2%3. Canada Govt 5% 2037-06-01 1.1%4. Canada Govt 3.5% 2045-12-01 1.1%5. Canada Govt 5.75% 2033-06-01 1.0%6. Canada Govt 1.25% 2018-02-01 1.0%7. Province Of Ontario 3.45% 2045-06-02 1.0%8. Canada Govt 1.75% 2019-09-01 0.9%9. Ontario Prov Cda 2.6% 2025-06-02 0.9%10. Canada Govt 1.5% 2020-03-01 0.9%








10%

7%5%2%

0%

2%5%7%

10%

9.8

2011

3.6

2012

-1.2

2013

8.8

2014

3.4

2015

-0.2

2016

Sun Life BlackRock Universe Bond Fund



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Who is this fund for? This fund is for investors who: • Seek to track the performance of a broad and recognized Canadian

bond market index• Are medium to long-term investors





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1. Sales charges
















Estate Series 2.07





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Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life Dynamic American

May 1, 2017


Underlying fund manager: Sun Life Global Investments (Canada) Inc.Underlying fund sub-advisor: 1832 Asset Management L.P.Portfolio turnover rate: 9%





What does the fund invest in? The fund invests in the Sun Life Dynamic American Fund (the "underlying fund"). The fund’s investment objective is to seek to achieve long-term capital appreciation primarily by investing directly in equity securities of United States based businesses deemed to be undervalued relative to their perceived worth or indirectly by investing in mutual funds (including exchange-traded funds) that invest in such securities. The underlying fund information for the Top 10 investments, Investment mix and past performance sections below relate to the Dynamic American Fund.


Top 10 investments (December 31, 2016)1. First Republic Bank 6.4%2. JPMorgan Chase & Co 6.1%3. UnitedHealth Group 5.8%4. Rollins Inc 5.7%5. Cognex 5.5%6. Mueller Water Products 5.5%7. MKS Instruments Inc 5.5%8. Keysight Technologies Inc 5.4%9. KLA-Tencor 5.1%10. Parker Hannifin 5.0%



99.9% U.S. Equity




20%

15%10%5%

0%

5%10%15%

20%

11.7

2015

4.2

2016

Sun Life Dynamic American Fund



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highHigh


Who is this fund for? This fund is for investors who: • Seek to add exposure to the capital growth potential of the equities

of US based businesses• Are long term investors





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Page 82 of 219

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Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life Dynamic Equity Income

May 1, 2017







Estate Series $500.00 3.28 $10.8563 197,624.017

What does the fund invest in? The fund invests in the Sun Life Dynamic Equity Income Class (the "underlying fund"). The fund’s investment objective is to seek to achieve income and long-term capital growth through exposure to primarily equity securities that pay a dividend or distribution by investing primarily in units of Sun Life Dynamic Equity Income fund or its successor fund (the "underlying trust fund"). The underlying fund information for the Top 10 investments, Investment mix and past performance sections below relate to the Dynamic Equity Income Fund.


Top 10 investments (December 31, 2016)1. Cash 5.9%2. Royal Bank Of Canada 4.0%3. Bank of Nova Scotia 3.9%4. TransCanada Corp 3.6%5. Canadian Imperial Bank of Commerce 3.0%6. Toronto-Dominion Bank 2.8%7. McDonald's Corp 2.6%8. Verizon Communications Inc 2.6%9. Canadian National Railway Co 2.5%10. Innergex Renewable Energy Inc 2.5%




34.1% U.S. Equity




20%

15%10%5%

0%

5%10%15%

20%

10.5

2013

7.8

2014

1.4

2015

12.7

2016

Sun Life Dynamic Equity Income Class



Page 83 of 219

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highHigh


Who is this fund for? This fund is for investors who: • Seek income and capital appreciation primarily through equities that

pay a dividend or distribution• Are long term investors





Page 84 of 219

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1. Sales charges
















Estate Series 3.28





Page 85 of 219

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Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life Dynamic Strategic Yield

May 1, 2017







Estate Series $500.00 2.96 $10.2667 190,408.825

What does the fund invest in? The fund invests in the Sun Life Dynamic Strategic Yield Class (the "underlying fund"). The fund’s investment objective is to seek to achieve income and long-term capital growth through exposure to primarily a diversified portfolio of fixed income and income-oriented equity securities by investing primarily in units of Sun Life Dynamic Strategic Yield fund or its successor fund (the "underlying trust fund"). The underlying fund information for the Top 10 investments, Investment mix and past performance sections below relate to the underlying trust fund.


Top 10 investments (December 31, 2016)1. Cash 13.8%2. Dynamic Aurion Total Return Bond Fund Series O 4.9%3. Dynamic Credit Spectrum Fund, Series O 2.6%4. Dynamic High Yield Bond Fund, Series O 2.5%5. Royal Bank Of Canada 2.4%6. JPMorgan Chase & Co 2.3%7. Canadian Imperial Bank of Commerce 2.2%8. Dynamic Premium Yield Fund, Series O 2.0%9. Bank of Nova Scotia 1.7%10. Honeywell International Inc 1.7%





29.9% U.S. Equity







10%

7%5%2%

0%

2%5%7%

10%

9.7

2013

5.9

2014

4.8

2015

1.3

2016

Sun Life Dynamic Strategic Yield Class



Page 86 of 219

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highHigh


Who is this fund for? This fund is for investors who: • Seek income and capital growth potential through investments in

both equities and fixed income securities• Are medium to long term investors





Page 87 of 219

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1. Sales charges
















Estate Series 2.96





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FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life Franklin Bissett Canadian Equity

May 1, 2017


Underlying fund manager: Sun Life Global Investments (Canada) Inc.Underlying fund sub-advisor: Franklin Bissett Investment Management, part

of Franklin Templeton Investments Corp.Portfolio turnover rate: 16%





Estate Series $500.00 3.31 $10.6225 138,779.806

What does the fund invest in? The fund invests in the Sun Life Franklin Bissett Canadian Equity Class (the "underlying fund"). The fund seeks to achieve long-term capital appreciation primarily by investing directly in a diversified portfolio of mid to large capitalization Canadian equities or indirectly by investing in mutual funds (including exchange-traded funds) that invest in such securities. The underlying fund information for the Top 10 investments, Investment mix and past performance sections below relate to the Franklin Bissett Canadian Equity Fund.


Top 10 investments (December 31, 2016)1. Brookfield Asset Management Inc Class A 5.8%2. Canadian National Railway Co 5.2%3. Royal Bank Of Canada 5.1%4. Toronto-Dominion Bank 5.0%5. Canadian Imperial Bank of Commerce 4.6%6. Bank of Montreal 4.4%7. Restaurant Brands International Inc 4.3%8. Bank of Nova Scotia 3.9%9. Enbridge Inc 3.5%10. Canadian Pacific Railway Ltd 3.4%







20%

15%10%5%

0%

5%10%15%

20%

-9.8

2015

19.8

2016

Sun Life Franklin Bissett Canadian Equity Class



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highHigh


Who is this fund for? This fund is for investors who: • Seek to add exposure to a core Canadian equity fund

• Are medium to long term investors





Page 90 of 219

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1. Sales charges
















Estate Series 3.31





Page 91 of 219

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Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life Granite Balanced

May 1, 2017


Underlying fund manager: Sun Life Global Investments (Canada) Inc.Underlying fund sub-advisor: N/APortfolio turnover rate: 64%




Investment Series $500.00 2.56 $10.3016 3,314,973.660

Estate Series $500.00 2.89 $10.2338 5,252,772.630

What does the fund invest in? The fund invests in the Sun Life Granite Balanced Portfolio (the "underlying fund"). The fund’s investment objective is to seek capital appreciation and income, with a small bias towards capital appreciation, by investing primarily in a mix of equity and fixed income mutual funds.


Top 10 investments (December 31, 2016)1. PH&N Bond Fund, Series O 15.5%2. Sun Life Granite Tactical Completion Fund, Series I 11.6%3. iShares Core S&P 500 ETF 9.7%4. Sun Life MFS International Value Fund, Series I 8.5%5. Sun Life BlackRock Canadian Universe Bond Fund, Series

I6.9%

6. Beutel Goodman Canadian Equity Fund, Class I 5.8%7. Sun Life BlackRock Canadian Composite Equity Fund,

Series I5.4%

8. Sun Life MFS U.S. Growth Fund, Series I 4.9%9. RBC Global High Yield Bond Fund, Series O 4.8%10. Sun Life Sentry Infrastructure Fund, Series I 3.9%





18.0% U.S. Equity







20%

15%10%5%

0%

5%10%15%

20%

5.6

2012

14.6

2013

9.4

2014

6.6

2015

3.4

2016

Sun Life Granite Balanced Portfolio



Page 92 of 219

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May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Seek capital appreciation and income, with a small bias towards capital

appreciation• Seek diversification through a broad range of asset classes,

geographies, and investment styles• Are medium to long term investors





Page 93 of 219

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May 1, 2017

1. Sales charges
















Estate Series 2.89





Page 94 of 219

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Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life Granite Balanced Growth

May 1, 2017







Estate Series $500.00 2.92 $10.4368 1,636,856.673

What does the fund invest in? The fund invests in the Sun Life Granite Balanced Growth Portfolio (the "underlying fund"). The fund's investment objective is to seek capital appreciation and income, with a bias towards capital appreciation, by investing primarily in equity mutual funds and, to a lesser extent, fixed income mutual funds.


Top 10 investments (December 31, 2016)1. PH&N Bond Fund, Series O 12.7%2. Sun Life Granite Tactical Completion Fund, Series I 11.7%3. iShares Core S&P 500 ETF 10.5%4. Sun Life MFS International Value Fund, Series I 9.3%5. Beutel Goodman Canadian Equity Fund, Class I 6.7%6. Sun Life BlackRock Canadian Composite Equity Fund,

Series I5.8%

7. Sun Life BlackRock Canadian Universe Bond Fund, Series I

5.6%

8. Sun Life MFS U.S. Growth Fund, Series I 5.4%9. Sun Life Sentry Infrastructure Fund, Series I 4.9%10. RBC Global High Yield Bond Fund, Series O 3.8%





20.5% U.S. Equity







20%

15%10%5%

0%

5%10%15%

20%

6.4

2012

16.8

2013

10.2

2014

7.6

2015

3.6

2016

Sun Life Granite Balanced Growth Portfolio



Page 95 of 219

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highHigh


Who is this fund for? This fund is for investors who: • Seek capital appreciation and income, with a bias towards capital

appreciation• Seek diversification through a broad range of asset classes,

geographies, and investment styles• Are medium to long term investors





Page 96 of 219

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May 1, 2017

1. Sales charges
















Estate Series 2.92





Page 97 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life Granite Conservative

May 1, 2017







Estate Series $500.00 2.77 $10.1135 3,652,459.885

What does the fund invest in? The fund invests in the Sun Life Granite Conservative Portfolio (the "underlying fund"). The fund's investment objective is to seek income and capital appreciation, with a bias towards income, by investing primarily in fixed income mutual funds and, to a lesser extent, equity mutual funds.


Top 10 investments (December 31, 2016)1. PH&N Bond Fund, Series O 28.9%2. Sun Life BlackRock Canadian Universe Bond Fund, Series

I12.6%

3. Sun Life Granite Tactical Completion Fund, Series I 11.7%4. RBC Global High Yield Bond Fund, Series O 7.0%5. iShares Core S&P 500 ETF 5.0%6. Templeton Global Bond Fund (Hedged), Series O 4.9%7. Templeton Global Bond Fund, Series O 4.5%8. Sun Life MFS International Value Fund, Series I 3.9%9. Beutel Goodman Canadian Equity Fund, Class I 3.3%10. Sun Life MFS U.S. Growth Fund, Series I 3.1%





10.0% U.S. Equity







10%

7%5%2%

0%

2%5%7%

10%

2.5

2012

7.6

2013

7.2

2014

4.2

2015

1.7

2016

Sun Life Granite Conservative Portfolio



Page 98 of 219

FUND FACTS


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highHigh


Who is this fund for? This fund is for investors who: • Seek income and capital appreciation, with a bias towards income

• Seek diversification through a broad range of asset classes, geographies, and investment styles






Page 99 of 219

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May 1, 2017

1. Sales charges
















Estate Series 2.77





Page 100 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life Granite Enhanced Income

May 1, 2017







Estate Series $500.00 2.94 $9.9162 1,384,313.826

What does the fund invest in? The fund invests in the Sun Life Granite Enhanced Income Portfolio (the "underlying fund"). The fund seeks to generate a consistent level of income by investing primarily in a mix of income-focused fixed income and equity mutual funds (including exchange-traded funds), with an emphasis towards higher yielding investments.


Top 10 investments (December 31, 2016)1. RBC Global High Yield Bond Fund, Series O 19.9%2. Guardian Global Dividend Growth Fund, Series I 17.4%3. Cash & Cash Equivalents 10.2%4. Sun Life NWQ Flexible Income Fund, Series I 9.7%5. Sun Life Sentry Infrastructure Fund, Series I 9.4%6. Sun Life MFS Canadian Bond Fund, Series I 8.1%7. Dynamic Equity Income Fund, Series O 6.7%8. Sun Life Sentry Value Fund, Series I 6.3%9. Vanguard REIT ETF 3.7%10. Vanguard Global ex-U.S. Real Estate ETF 3.3%











10%

7%5%2%

0%

2%5%7%

10%

6.1

2013

9.6

2014

-0.3

2015

4.7

2016

Sun Life Granite Enhanced Income Portfolio



Page 101 of 219

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May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Seek regular income through monthly distributions

• Seek diversified sources of income in a single fund

• Seek diversification through exposure to a broad range of asset classes and geographies





Page 102 of 219

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May 1, 2017

1. Sales charges
















Estate Series 2.94





Page 103 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life Granite Growth

May 1, 2017







Estate Series $500.00 2.97 $10.3971 974,598.012

What does the fund invest in? The fund invests in the Sun Life Granite Growth Portfolio (the "underlying fund"). The fund's investment objective is to seek capital appreciation by investing primarily in equity mutual funds and, to a lesser extent, fixed income mutual funds.


Top 10 investments (December 31, 2016)1. Sun Life Granite Tactical Completion Fund, Series I 11.8%2. iShares Core S&P 500 ETF 11.4%3. Sun Life MFS International Value Fund, Series I 10.2%4. PH&N Bond Fund, Series O 7.4%5. Beutel Goodman Canadian Equity Fund, Class I 7.1%6. Sun Life Sentry Infrastructure Fund, Series I 6.7%7. Sun Life BlackRock Canadian Composite Equity Fund,

Series I6.5%

8. Sun Life MFS U.S. Growth Fund, Series I 6.0%9. Invesco Global Real Estate Fund, Series I 3.7%10. Sun Life MFS International Growth Fund, Series I 3.5%





22.0% U.S. Equity







20%

15%10%5%

0%

5%10%15%

20%

6.6

2012

19

2013

11.1

2014

8.1

2015

4

2016

Sun Life Granite Growth Portfolio



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May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Seek capital appreciation







Page 105 of 219

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1. Sales charges
















Estate Series 2.97





Page 106 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life Granite Income

May 1, 2017







Estate Series $500.00 2.68 $9.9643 767,685.084

What does the fund invest in? The fund invests in the Sun Life Granite Income Portfolio (the "underlying fund"). The fund seeks to generate a consistent level of income by investing primarily in a mix of income-focused fixed income and equity mutual funds (including exchange-traded funds).


Top 10 investments (December 31, 2016)1. Sun Life MFS Canadian Bond Fund, Series I 25.9%2. Guardian Global Dividend Growth Fund, Series I 13.5%3. Cash & Cash Equivalents 10.4%4. RBC Global High Yield Bond Fund, Series O 10.3%5. Sun Life Sentry Infrastructure Fund, Series I 9.2%6. Sun Life NWQ Flexible Income Fund, Series I 8.3%7. Sun Life Sentry Value Fund, Series I 5.4%8. Dynamic Equity Income Fund, Series O 5.1%9. iShares iBoxx $ Investment Grade Corporate Bond ETF 4.9%10. Vanguard REIT ETF 3.7%











10%

7%5%2%

0%

2%5%7%

10%

4.6

2013

10.2

2014

0.9

2015

3.1

2016

Sun Life Granite Income Portfolio



Page 107 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Seek regular income through monthly distributions


• Seek diversification through exposure to a broad range of asset classes and geographies






Page 108 of 219

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May 1, 2017

1. Sales charges
















Estate Series 2.68





Page 109 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life Granite Moderate

May 1, 2017







Estate Series $500.00 2.81 $10.3186 2,125,088.383

What does the fund invest in? The fund invests in the Sun Life Granite Moderate Portfolio (the "underlying fund"). The fund's investment objective is to seek income and capital appreciation by investing primarily in a mix of fixed income and equity mutual funds.


Top 10 investments (December 31, 2016)1. PH&N Bond Fund, Series O 20.8%2. Sun Life Granite Tactical Completion Fund, Series I 11.7%3. Sun Life BlackRock Canadian Universe Bond Fund, Series

I8.9%

4. iShares Core S&P 500 ETF 7.3%5. Sun Life MFS International Value Fund, Series I 6.3%6. Beutel Goodman Canadian Equity Fund, Class I 6.2%7. RBC Global High Yield Bond Fund, Series O 6.1%8. Sun Life MFS U.S. Growth Fund, Series I 4.4%9. Sun Life BlackRock Canadian Composite Equity Fund,

Series I4.3%

10. Templeton Global Bond Fund, Series O 2.5%





15.0% U.S. Equity







20%

15%10%5%

0%

5%10%15%

20%

5.2

2012

12.4

2013

8.4

2014

5.7

2015

2.9

2016

Sun Life Granite Moderate Portfolio



Page 110 of 219

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May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Seek income and capital appreciation







Page 111 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 2.81





Page 112 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life MFS Canadian Bond

May 1, 2017


Underlying fund manager: Sun Life Global Investments (Canada) Inc.Underlying fund sub-advisor: MFS Investment Management Canada

Limited; MFS Institutional Advisors, Inc.






Estate Series $500.00 2.25 $10.1342 159,221.955

What does the fund invest in? The fund invests in the Sun Life MFS Canadian Bond Fund (the "underlying fund"). The fund aims to provide investors with high investment returns primarily through income, with reasonable safety of capital. The fund may invest up to 30% of the fund's assets in foreign debt instruments.


Top 10 investments (December 31, 2016)1. Ontario Prov Cda 4% 2021-06-02 5.9%2. Quebec Prov Cda 4.5% 2019-12-01 4.7%3. Ontario Prov Cda 4.7% 2037-06-02 4.4%4. Canada Govt 5.75% 2033-06-01 4.2%5. Province of Alberta, 4.00%, 2019-12-01 4.0%6. Canada Hsg Tr No 1 1.95% 2019-06-15 3.9%7. Province of Alberta 3.45% 2043-12-01 3.0%8. Province Of Ontario 3.45% 2045-06-02 3.0%9. Province Of Ontario 3.15% 2022-06-02 2.5%10. Bank of Montreal 4.609% 2025-09-10 2.2%






-1.1% Cash and Cash Equivalents



10%

7%5%2%

0%

2%5%7%

10%

3.7

2009

5.7

2010

7.6

2011

3.6

2012

-1.6

2013

8.6

2014

1

2015

1.9

2016

Sun Life MFS Canadian Bond Fund



Page 113 of 219

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May 1, 2017






highHigh








Page 114 of 219

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1. Sales charges
















Estate Series 2.25





Page 115 of 219

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Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life MFS Canadian Equity Growth

May 1, 2017









Estate Series $500.00 3.21 $10.1190 22,536.496

What does the fund invest in? The fund invests in the Sun Life MFS Canadian Equity Growth Fund (the "underlying fund"). The fund aims for long-term capital growth primarily by investing in Canadian growth equity securities. The fund may invest in global equity securities or other mutual funds. The fund may invest up to 40% of the fund's assets in non-Canadian securities.


Top 10 investments (December 31, 2016)1. Toronto-Dominion Bank 6.2%2. Royal Bank Of Canada 6.1%3. Canadian National Railway Co 4.6%4. Suncor Energy Inc 4.0%5. Bank of Nova Scotia 3.9%6. Enbridge Inc 3.1%7. TransCanada Corp 2.9%8. Manulife Financial Corp 2.8%9. Canadian Natural Resources Ltd 2.4%10. Canadian Pacific Railway Ltd 1.9%




11.5% U.S. Equity





40%

30%20%10%

0%

10%20%30%40%

34.7

2009

10.8

2010

-19.2

2011

8.9

2012

20.6

2013

11.1

2014

1.5

2015

7

2016

Sun Life MFS Canadian Equity Growth Fund



Page 116 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Want to add exposure to Canadian equities with growth

characteristics to their investment portfolio• Are long-term investors

• Are comfortable with medium risk




Page 117 of 219

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May 1, 2017

1. Sales charges
















Estate Series 3.21





Page 118 of 219

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Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life MFS Canadian Equity Value

May 1, 2017









Estate Series $500.00 3.15 $10.3003 57,584.732

What does the fund invest in? The fund invests in the Sun Life MFS Canadian Equity Value Fund (the "underlying fund"). The fund aims for long-term capital growth primarily by investing in Canadian equity securities deemed to be undervalued relative to their industries or the overall market. The fund may invest in global equity securities or other mutual funds. The fund may invest up to 40% of the fund's assets in non-Canadian securities.


Top 10 investments (December 31, 2016)1. Sun Life MFS International Value Fund, Series I 14.3%2. Sun Life MFS U.S. Value Fund, Series I 12.5%3. Toronto-Dominion Bank 6.2%4. Royal Bank Of Canada 5.8%5. Bank of Nova Scotia 4.5%6. Suncor Energy Inc 3.8%7. TransCanada Corp 3.4%8. Canadian Natural Resources Ltd 3.1%9. Manulife Financial Corp 2.5%10. Canadian Pacific Railway Ltd 2.4%




11.1% U.S. Equity





40%

30%20%10%

0%

10%20%30%40%

28.1

2009

10.5

2010

-8.7

2011

8.7

2012

21.6

2013

11.9

2014

0.6

2015

10.6

2016

Sun Life MFS Canadian Equity Value Fund



Page 119 of 219

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May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Seek to add exposure to Canadian equities with value characteristics

• Wish to contribute to the value component of a diversified portfolio






Page 120 of 219

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May 1, 2017

1. Sales charges
















Estate Series 3.15





Page 121 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life MFS Dividend Income

May 1, 2017









Estate Series $500.00 3.22 $9.8826 558,490.208

What does the fund invest in? The fund invests in the Sun Life MFS Dividend Income Class (the "underlying fund"). The fund’s investment objective is to seek income generation and capital appreciation through exposure to primarily dividend or income paying securities, including royalty trust units, real-estate investment trust units and limited partnership units and other exchange-listed participating securities, by investing primarily in units of Sun Life MFS Dividend Income fund or its successor fund (the "underlying trust fund"). The underlying fund information for the Top 10 investments, Investment mix and past performance sections below relate to the underlying trust fund.


Top 10 investments (December 31, 2016)1. Royal Bank Of Canada 8.7%2. Toronto-Dominion Bank 7.1%3. Bank of Nova Scotia 6.2%4. Enbridge Inc 4.0%5. Suncor Energy Inc 3.9%6. Magna International Inc Class A 3.6%7. Canadian Natural Resources Ltd 3.0%8. TransCanada Corp 2.9%9. Finning International Inc 2.7%10. National Bank of Canada 2.5%




3.4% U.S. Equity





40%

30%20%10%

0%

10%20%30%40%

32.5

2009

12.6

2010

8.9

2011

2

2012

15.8

2013

8.6

2014

-8.7

2015

15.6

2016

Sun Life MFS Dividend Income Class



Page 122 of 219

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May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Seek a moderate degree of growth and income






Page 123 of 219

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May 1, 2017

1. Sales charges
















Estate Series 3.22





Page 124 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life MFS Global Growth

May 1, 2017


Underlying fund manager: Sun Life Global Investments (Canada) Inc.Underlying fund sub-advisor: MFS Institutional Advisors, Inc.Portfolio turnover rate: 30%





Estate Series $500.00 3.35 $10.3982 101,826.777

What does the fund invest in? The fund invests in the Sun Life MFS Global Growth Fund (the "underlying fund"). The fund's investment objective is to seek capital appreciation by investing primarily in equity securities of issuers located anywhere in the world that are considered to have above-average earnings growth potential compared to other issuers.


Top 10 investments (December 31, 2016)1. Alphabet Inc Class A 3.5%2. Accenture PLC Class A 2.5%3. Thermo Fisher Scientific Inc 2.5%4. Abbott Laboratories 2.1%5. Nestle SA 2.0%6. LVMH Moet Hennessy Louis Vuitton SE 2.0%7. NIKE Inc 2.0%8. Cognizant Technology Solutions Corp 2.0%9. Taiwan Semiconductor Manufacturing Co Ltd ADR 1.8%10. Visa Inc 1.7%



54.1% U.S. Equity





40%

30%20%10%

0%

10%20%30%40%

6.4

2010

-5.1

2011

14.6

2012

28.1

2013

11.8

2014

15.7

2015

-0.4

2016

Sun Life MFS Global Growth Fund



Page 125 of 219

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May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Want to add global equity diversification with growth characteristics

to their investment portfolio• Are long-term investors





Page 126 of 219

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May 1, 2017

1. Sales charges
















Estate Series 3.35





Page 127 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life MFS Global Total Return

May 1, 2017







Estate Series $500.00 2.94 $10.5886 3,084,448.279

What does the fund invest in? The fund invests in the Sun Life MFS Global Total Return Fund (the "underlying fund"). The fund's investment objective is to seek total return by investing primarily in a mix of equity securities and debt instruments of issuers located anywhere in the world.


Top 10 investments (December 31, 2016)1. Canada T-Bill 2017-01-04 8.4%2. Philip Morris International Inc 1.1%3. Taiwan Semiconductor Manufacturing Co Ltd ADR 1.1%4. Nestle SA 1.1%5. Japan(Govt Of) 2.2% 2027-09-20 1.1%6. Johnson & Johnson 1.1%7. JPMorgan Chase & Co 1.0%8. 3M Co 0.9%9. Merck & Co Inc 0.8%10. Accenture PLC Class A 0.8%





29.0% U.S. Equity







20%

15%10%5%

0%

5%10%15%

20%

1

2010

2.8

2011

7.4

2012

20.4

2013

9.8

2014

9.6

2015

1.9

2016

Sun Life MFS Global Total Return Fund



Page 128 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Seek a moderate degree of growth and income

• Want to add global diversification to their investment portfolio






Page 129 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 2.94





Page 130 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life MFS Global Value

May 1, 2017







Estate Series $500.00 3.20 $11.1822 584,732.905

What does the fund invest in? The fund invests in the Sun Life MFS Global Value Fund (the "underlying fund"). The fund's investment objective is to seek capital appreciation by investing primarily in equity securities of issuers located anywhere in the world that are considered to be undervalued compared to their perceived worth.


Top 10 investments (December 31, 2016)1. Nestle SA 2.6%2. JPMorgan Chase & Co 2.5%3. Johnson & Johnson 2.5%4. 3M Co 2.3%5. Accenture PLC Class A 2.0%6. Texas Instruments Inc 2.0%7. Wells Fargo & Co 2.0%8. Philip Morris International Inc 1.9%9. Canada T-Bill 2017-03-09 1.8%10. KDDI Corp 1.7%




50.8% U.S. Equity





40%

30%20%10%

0%

10%20%30%40%

3.9

2010

1.2

2011

11.2

2012

36.4

2013

12.6

2014

19.3

2015

2.2

2016

Sun Life MFS Global Value Fund



Page 131 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Want to add global equity diversification with value characteristics to

their investment portfolio• Are long-term investors





Page 132 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 3.20





Page 133 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life MFS International Growth

May 1, 2017







Estate Series $500.00 3.42 $9.7839 37,172.401

What does the fund invest in? The fund invests in the Sun Life MFS International Growth Fund (the "underlying fund"). The fund's investment objective is to seek capital appreciation by investing primarily in equity securities of issuers outside of Canada and the U.S. that are considered to have above-average earnings growth potential compared to other issuers.


Top 10 investments (December 31, 2016)1. Nestle SA 4.0%2. Roche Holding AG 3.8%3. Accenture PLC Class A 2.7%4. Taiwan Semiconductor Manufacturing Co Ltd ADR 2.7%5. Danone 2.7%6. LVMH Moet Hennessy Louis Vuitton SE 2.6%7. AIA Group Ltd 2.6%8. Novartis AG 2.6%9. SAP AG 2.6%10. Pernod Ricard SA 2.4%



98.7% U.S. Equity




20%

15%10%5%

0%

5%10%15%

20%

5

2010

-9.4

2011

13.1

2012

18.9

2013

0.9

2014

18.8

2015

-4.2

2016

Sun Life MFS International Growth Fund

Sun GIF Solutions Sun Life MFS International Growth


Page 134 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Seek geographic equity diversification outside of Canada and the US

(international equities) with growth characteristics• Are long-term investors





Page 135 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 3.42





Page 136 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life MFS International Value

May 1, 2017







Estate Series $500.00 3.26 $10.6408 340,239.572

What does the fund invest in? The fund invests in the Sun Life MFS International Value Fund (the "underlying fund"). The fund's investment objective is to seek capital appreciation by investing primarily in equity securities of issuers located outside of Canada and the U.S. that are considered to be undervalued compared to their perceived worth.


Top 10 investments (December 31, 2016)1. Nestle SA 4.8%2. Danone 3.6%3. Reckitt Benckiser Group PLC 3.6%4. Brambles Ltd 3.2%5. Henkel AG & Co KGaA 2.7%6. Taiwan Semiconductor Manufacturing Co Ltd ADR 2.4%7. Compass Group PLC 2.4%8. Pernod Ricard SA 2.2%9. Kao Corp 2.2%10. Canada T-Bill 2017-01-04 2.1%




6.6% U.S. Equity





40%

30%20%10%

0%

10%20%30%40%

3.1

2010

-0.6

2011

10.1

2012

34.1

2013

8.4

2014

24.3

2015

-2.4

2016

Sun Life MFS International Value Fund



Page 137 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Seek geographic equity diversification outside of Canada and the US

(international equities) with value characteristics• Are long-term investors





Page 138 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 3.26





Page 139 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life MFS Low Volatility Global Equity

May 9, 2016


Underlying fund manager: Sun Life Global Investments (Canada) Inc.Underlying fund sub-advisor: MFS Investment Management Canada Limited

MFS Institutional Advisors, Inc.Portfolio turnover rate: 47%

Guarantee series Minimum investmentManagement expense ratio* (MER) (%)




Estate Series $500.00 3.26 $10.3533 10,837.974

*MERs are estimated in the first year

What does the fund invest in? The fund invests in the Sun Life MFS Low Volatility Global Equity Fund (the "underlying fund"). The fund’s investment objective is to achieve long-term capital appreciation with low volatility by investing primarily in a diversified portfolio of equity securities of issuers located anywhere in the world or indirectly by investing in mutual funds (including exchange-traded funds) that invest primarily in such securities.


Top 10 investments (December 31, 2016)1. General Mills Inc 3.1%2. Taiwan Semiconductor Manufacturing Co Ltd 3.0%3. Johnson & Johnson 2.9%4. Ross Stores Inc 2.4%5. Roche Holding AG 2.4%6. Validus Holdings Ltd 2.3%7. McDonald's Corp 2.2%8. Integra Lifesciences Holdings Corp 2.0%9. Fisher & Paykel Healthcare Corp Ltd 1.9%10. Lockheed Martin Corp 1.7%




49.1% U.S. Equity


-0.1% Cash and Cash Equivalents

How has the underlying fund performed? This section tells you how the fund has performed over the past 10 years for an investor who chooses the basic guarantee. Returns are after the MER has been deducted. It's important to note that this doesn't tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee option you choose and on your personal tax situation. Year-by-year returns (%) The year-by-year returns for this fund are not available as this is a new fund. Average returns (%) The average return for this fund is not available as this is a new fund.

Page 140 of 219

FUND FACTS


May 9, 2016






highHigh


Who is this fund for? This fund is for investors who: • seek to add global geographic diversification with a focus towards

lowering portfolio volatility• are long term investors

• are comfortable with medium investment risk




Page 141 of 219

FUND FACTS


May 9, 2016

1. Sales charges
















Estate Series 3.26





Page 142 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life MFS Low Volatility International Equity

May 9, 2016


Underlying fund manager: Sun Life Global Investments (Canada) Inc.Underlying fund sub-advisor: MFS Investment Management Canada Limited

MFS Institutional Advisors, Inc.Portfolio turnover rate: 125%

Guarantee series Minimum investmentManagement expense ratio* (MER) (%)




Estate Series $500.00 3.31 $9.8274 500.396


What does the fund invest in? The fund invests in the Sun Life MFS Low Volatility International Equity Fund (the "underlying fund"). The fund’s investment objective is to seek long-term capital appreciation with low volatility by investing primarily in a diversified portfolio of equity securities of issuers outside Canada and the United States or indirectly by investing in mutual funds (including exchange-traded funds) that primarily invest in such securities.


Top 10 investments (December 31, 2016)1. Enel SpA 3.5%2. Nestle SA 3.4%3. Novartis AG 2.9%4. Roche Holding AG 2.9%5. Toyo Suisan Kaisha Ltd 2.9%6. Reckitt Benckiser Group PLC 2.8%7. DBS Group Holdings Ltd 2.6%8. Vodafone Group PLC 2.5%9. Lawson Inc 2.4%10. ABC-Mart Inc 2.2%






How has the underlying fund performed? This section tells you how the fund has performed over the past 10 years for an investor who chooses the basic guarantee. Returns are after the MER has been deducted. It's important to note that this doesn't tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee option you choose and on your personal tax situation. Year-by-year returns (%) The year-by-year returns for this fund are not available as this is a new fund. Average returns (%) The average return for this fund is not available as this is a new fund.

Page 143 of 219

FUND FACTS


May 9, 2016






highHigh


Who is this fund for? This fund is for investors who: • seek to add international geographic diversification with a focus

towards lowering portfolio volatility• are long term investors

• are comfortable with medium investment risk




Page 144 of 219

FUND FACTS


May 9, 2016

1. Sales charges
















Estate Series 3.31





Page 145 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life MFS Monthly Income

May 1, 2017


Underlying fund manager: Sun Life Global Investments (Canada) Inc.Underlying fund sub-advisor: MFS Investment Management Canada LimitedPortfolio turnover rate: 36%





Estate Series $500.00 2.70 $10.0509 148,462.327

What does the fund invest in? The fund invests in the Sun Life MFS Monthly Income Fund (the "underlying fund"). The fund's investment objective is to seek to provide a consistent level of regular income with capital appreciation as a secondary objective over the long term, by investing primarily in income producing equity and debt securities.


Top 10 investments (December 31, 2016)1. Royal Bank Of Canada 4.6%2. Cash 4.3%3. Toronto-Dominion Bank 3.7%4. Bank of Nova Scotia 3.3%5. Ontario Prov Cda 4.7% 2037-06-02 2.3%6. US Treasury Note 2% 2025-02-15 2.1%7. Enbridge Inc 2.1%8. Suncor Energy Inc 2.0%9. Magna International Inc Class A 1.9%10. PNC Bank NA 3.80% 2023-07-25 1.7%





1.8% U.S. Equity







10%

7%5%2%

0%

2%5%7%

10%

3.4

2011

5.5

2012

7.9

2013

9

2014

-4

2015

9.3

2016

Sun Life MFS Monthly Income Fund



Page 146 of 219

FUND FACTS


May 1, 2017






highHigh








Page 147 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 2.70





Page 148 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life MFS US Equity

May 1, 2017









Estate Series $500.00 3.17 $10.9887 160,550.569

What does the fund invest in? The fund invests in the Sun Life MFS U.S. Equity Fund (the "underlying fund"). The fund aims for long-term capital growth by investing primarily in companies domiciled in the United States or whose primary stock exchange listing is in the United States.


Top 10 investments (December 31, 2016)1. Alphabet Inc Class A 4.6%2. JPMorgan Chase & Co 4.2%3. Bank of America Corporation 3.5%4. Visa Inc 2.8%5. The Goldman Sachs Group Inc. 2.5%6. Thermo Fisher Scientific Inc 2.4%7. American Tower Corp 2.4%8. Broadcom Ltd 2.3%9. Schlumberger Ltd 2.2%10. Comcast Corp Class A 2.1%




81.2% U.S. Equity





40%

30%20%10%

0%

10%20%30%40%

19.3

2009

2.4

2010

-3.7

2011

13

2012

38.2

2013

18.6

2014

18

2015

2.8

2016

Sun Life MFS U.S. Equity Fund



Page 149 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Want to add a US equity fund to their portfolio






Page 150 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 3.17





Page 151 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life MFS US Growth

May 1, 2017







Estate Series $500.00 3.51 $11.2927 217,261.915

What does the fund invest in? The fund invests in the Sun Life MFS U.S. Growth Fund (the "underlying fund"). The fund's investment objective is to seek capital appreciation by investing primarily in equity securities of issuers located in the United States that are considered to have above-average earnings growth potential compared to other companies.


Top 10 investments (December 31, 2016)1. Alphabet Inc Class A 6.5%2. Facebook Inc Class A 4.3%3. Amazon.com Inc 4.1%4. Visa Inc 3.7%5. Microsoft Corp 3.6%6. MasterCard Inc Class A 2.6%7. Adobe Systems Inc 2.5%8. American Tower Corp 2.4%9. Thermo Fisher Scientific Inc 2.1%10. Canada T-Bill 2017-03-09 2.1%



96.5% U.S. Equity




60%

45%30%15%

0%

15%30%45%60%

8.2

2010

-0.5

2011

12.1

2012

42.2

2013

15.8

2014

25.1

2015

-2.5

2016

Sun Life MFS U.S. Growth Fund



Page 152 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Want to add a US equity fund with growth characteristics to their

investment portfolio• Are long-term investors





Page 153 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 3.51





Page 154 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life MFS US Value

May 1, 2017







Estate Series $500.00 3.19 $11.6673 487,744.524

What does the fund invest in? The fund invests in the Sun Life MFS U.S. Value Fund (the "underlying fund"). The fund's investment objective is to seek capital appreciation by investing primarily in equity securities of companies with large market capitalizations located in the United States that are considered to be undervalued compared to their perceived worth.


Top 10 investments (December 31, 2016)1. JPMorgan Chase & Co 4.7%2. Wells Fargo & Co 3.5%3. Johnson & Johnson 3.5%4. Philip Morris International Inc 3.2%5. Accenture PLC Class A 2.6%6. The Goldman Sachs Group Inc. 2.4%7. U.S. Bancorp 2.3%8. Medtronic PLC 2.2%9. Travelers Companies Inc 2.1%10. Pfizer Inc 2.0%



98.2% U.S. Equity




60%

45%30%15%

0%

15%30%45%60%

4.9

2010

-0.3

2011

10.9

2012

41.3

2013

17.8

2014

16.3

2015

7.9

2016

Sun Life MFS U.S. Value Fund



Page 155 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Want to add a US equity fund with value characteristics to their

investment portfolio• Are long-term investors





Page 156 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 3.19





Page 157 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life Money Market

May 1, 2017


Underlying fund manager: Sun Life Global Investments (Canada) Inc.Underlying fund sub-advisor: MFS Investment Management Canada LimitedPortfolio turnover rate: 0%





Estate Series $500.00 0.28 $10.0000 314,113.341

What does the fund invest in? The fund invests in the Sun Life Money Market Fund (the "underlying fund"). The fund's investment objective is to achieve a high level of current income while seeking to protect capital and to maintain liquidity by investing primarily in Canadian dollar-denominated money market instruments. The fund may invest up to 10% of the fund's assets in Canadian dollar-denominated money market instruments of foreign issuers.


Top 10 investments (December 31, 2016)1. Canada T-Bill 2017-02-09 11.2%2. Canada T-Bill 2017-06-15 5.8%3. Canada T-Bill 2017-04-06 4.0%4. Royal Bank Of Canada 0.96% 2017-02-14 4.0%5. Bank of Nova Scotia 0.80% 2017-02-28 4.0%6. National Bank of Canada 0.83% 2017-01-27 4.0%7. Canada T-Bill 2017-03-09 3.8%8. Canada T-Bill 2017-02-23 3.6%9. Canada T-Bill 2017-01-12 3.5%10. Ontario Prov Cda 0.59% 2017-02-01 3.4%







10%

7%5%2%

0%

2%5%7%

10%

0.4

2011

0.4

2012

0.4

2013

0.4

2014

0.2

2015

0.3

2016

Sun Life Money Market Fund



Page 158 of 219

FUND FACTS


May 1, 2017






highHigh








1. Sales charges










Page 159 of 219

FUND FACTS


May 1, 2017



Estate Series 0.28





Page 160 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life Multi-Strategy Bond

May 1, 2017







Estate Series $500.00 2.16 $9.9523 52,846.591

What does the fund invest in? The fund invests in the Sun Life Multi-Strategy Bond (the "underlying fund"). The fund's investment objective is to seek to earn a high rate of income by investing primarily in fixed-income securities of Canadian government and corporate issuers. The fund may from time to time invest up to 20% of the fund's portfolio in fixed-income securities of governments and companies outside Canada.


Top 10 investments (December 31, 2016)1. Sun Life BlackRock Canadian Universe Bond Fund, Series

I30.2%

2. PH&N Bond Fund, Series O 29.7%3. Templeton Global Bond Fund, Series O 5.0%4. Templeton Global Bond Fund (Hedged), Series O 5.0%5. Ontario Prov Cda 4% 2021-06-02 2.2%6. Canada Govt 3.5% 2045-12-01 1.7%7. Province Of Ontario 3.15% 2022-06-02 1.6%8. Province Of Ontario 3.45% 2045-06-02 1.1%9. Quebec Prov Cda 3.5% 2022-12-01 1.0%10. Canada Govt 1.5% 2026-06-01 0.8%








10%

7%5%2%

0%

2%5%7%

10%

2.7

2011

1.3

2012

-3

2013

4.6

2014

0.2

2015

Sun Life Multi-Strategy Bond



Page 161 of 219

FUND FACTS


May 1, 2017






highHigh








Page 162 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 2.16





Page 163 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life NWQ Flexible Income

May 1, 2017


Underlying fund manager: Sun Life Global Investments (Canada) Inc.Underlying fund sub-advisor: NWQ Investment Management Company,

LLCPortfolio turnover rate: 30%





Estate Series $500.00 2.33 $10.0349 242,445.615

What does the fund invest in? The fund invests in the Sun Life NWQ Flexible Income Fund (the "underlying fund"). The fund seeks to achieve income and capital appreciation by investing primarily in a diversified portfolio of income producing securities.


Top 10 investments (December 31, 2016)1. Cash 6.2%2. Frontier Comms 11% 2025-09-15 2.3%3. Anheuser-Busch InBev Finance Inc 4.90% 2046-2-1 2.1%4. Viacom Inc 6.88% 2036-04-30 2.1%5. CenturyLink Inc 7.65% 2042-03-15 1.9%6. Seagate HDD Cayman 4.88% 2027-06-01 1.9%7. L Brands Inc. 6.95% 2033-03-01 1.8%8. Dish Dbs 5.875% 2024-11-15 1.7%9. RR Donnelley & Sons Co 6.50% 2023-11-15 1.7%10. McDonald's Corp, 4.88%, 2045-12-09 1.7%




32.0% U.S. Equity







10%

7%5%2%

0%

2%5%7%

10%

4.5

2014

-1.4

2015

4.9

2016

Sun Life NWQ Flexible Income Fund



Page 164 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Seek regular monthly income and capital appreciation







Page 165 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 2.33





Page 166 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life Schroder Emerging Markets

May 1, 2017


Underlying fund manager: Sun Life Global Investments (Canada) Inc.Underlying fund sub-advisor: Schroder Investment Management North

America Inc.; Schroder Investment Management North America Limited






What does the fund invest in? The fund invests in the Sun Life Schroder Emerging Markets Fund (the "underlying fund"). The fund's investment objective is to seek capital appreciation by investing primarily in equity securities of companies with a connection to emerging markets.


Top 10 investments (December 31, 2016)1. Samsung Electronics Co Ltd 6.4%2. Taiwan Semiconductor Manufacturing Co Ltd 5.6%3. Tencent Holdings Ltd 5.4%4. China Construction Bank Corp H Shares 3.6%5. Alibaba Group Holding Ltd 3.5%6. China Mobile Ltd 3.1%7. Sberbank of Russia ADR 3.1%8. Schroder International Selection Fund Frontier Markets

Equity Fund, Series I3.0%

9. Itau Unibanco Holding SA ADR 2.9%10. Hon Hai Precision Ind Co Ltd 2.7%







20%

15%10%5%

0%

5%10%15%

20%

-12.3

2011

-7.1

2012

-2.7

2013

2.1

2014

2.1

2015

3.5

2016

Sun Life Schroder Emerging Markets Fund



Page 167 of 219

FUND FACTS


May 1, 2017




Risk rating Sun Life has rated the volatility of this fund as high. This rating is based on how much the fund’s returns have changed from year to year. It doesn’t tell you how volatile the fund will be in the future. The rating can change over time. A fund with a low risk rating can still lose money.


highHigh


Who is this fund for? This fund is for investors who: • Seek global geographic diversification with exposure to emerging

markets• Wish to gain emerging markets exposure using a balanced approach of

stock selection and country allocation• Are long-term investors

• Are comfortable with high investment risk




Page 168 of 219

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May 1, 2017

1. Sales charges




















Page 169 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life Sentry Conservative Balanced

May 1, 2017


Underlying fund manager: Sun Life Global Investments (Canada) Inc.Underlying fund sub-advisor: Sentry Investments Inc.Portfolio turnover rate: 72%





Estate Series $500.00 2.84 $10.1357 263,676.591

What does the fund invest in? The fund invests in the Sun Life Sentry Conservative Balanced Fund (the "underlying fund"). The fund seeks to provide stable income and long-term capital appreciation, primarily by investing directly in a conservative diversified portfolio of Canadian fixed-income and income-oriented equity securities or indirectly by investing in mutual funds (including exchange-traded funds) that invest in such securities.


Top 10 investments (December 31, 2016)1. Cash 3.9%2. Canada Govt 3.5% 2045-12-01 3.6%3. Canada Govt 1.5% 2026-06-01 3.2%4. Visa Inc 2.5%5. Linamar Corp 2.5%6. AltaGas Ltd 2.4%7. Fortis Inc 2.3%8. CGI Group Inc Class A 2.3%9. CVS Health Corp 2.3%10. Brookfield Asset Management Inc 2.1%





7.1% U.S. Equity






10%

7%5%2%

0%

2%5%7%

10%

-5.8

2015

6.8

2016

Sun Life Sentry Conservative Balanced Fund



Page 170 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Seek a regular source of income and the potential for capital

appreciation• Are medium to long term investors





Page 171 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 2.84





Page 172 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life Sentry Global Mid Cap

May 1, 2017







What does the fund invest in? The fund invests in the Sun Life Sentry Global Mid Cap Fund (the "underlying fund"). The fund seeks to achieve long-term capital appreciation primarily by investing in a diversified portfolio of medium capitalization Global companies or indirectly by investing in mutual funds (including exchange-traded funds) that invest in such securities.


Top 10 investments (December 31, 2016)1. Cash 10.7%2. Live Nation Entertainment Inc 4.3%3. Cap Gemini SA 3.7%4. Cigna Corp 3.6%5. Newell Rubbermaid Inc 3.5%6. Laboratory Corp of America Holdings 3.4%7. Brookfield Infrastructure Partners LP 3.4%8. AmerisourceBergen Corp 3.2%9. Liberty Global PLC 2.9%10. DCC PLC 2.8%




20.5% U.S. Equity





10%

7%5%2%

0%

2%5%7%

10%

-1.1

2015

1.7

2016

Sun Life Sentry Global Mid Cap Fund



Page 173 of 219

FUND FACTS


May 1, 2017






Medium to high High


Who is this fund for? This fund is for investors who: • Seek to add exposure to global mid cap equities






Page 174 of 219

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May 1, 2017

1. Sales charges




















Page 175 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life Sentry Infrastructure

May 1, 2017







Estate Series $500.00 3.44 $9.5910 197,189.799

What does the fund invest in? The fund invests in the Sun Life Sentry Infrastructure Fund (the "underlying fund"). The fund seeks to provide regular current income primarily by investing directly in global companies with either direct or indirect exposure to infrastructure or indirectly by investing in mutual funds (including exchange-traded funds) that invest in such securities. The underlying fund information for the Top 10 investments, Investment mix and past performance sections below relate to the Sentry Infrastructure Fund.


Top 10 investments (December 31, 2016)1. Macquarie Infrastructure Corp 4.1%2. Enbridge Inc 3.9%3. TransCanada Corp 3.7%4. American Tower Corp 3.3%5. Williams Cos Inc 3.3%6. Vinci 3.3%7. Algonquin Power & Utilities Corp 3.2%8. Ferrovial SA 3.2%9. Brookfield Infrastructure Partners LP 3.1%10. Pembina Pipeline Corp 3.0%




35.7% U.S. Equity





10%

7%5%2%

0%

2%5%7%

10%-6.8

2015

6.4

2016

Sun Life Sentry Infrastructure Fund



Page 176 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Seek a balance of current income and the potential for long-term

capital appreciation• Seek to add global hard asset diversification






Page 177 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 3.44





Page 178 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life Sentry Value

May 1, 2017







Estate Series $500.00 3.25 $10.4167 169,547.626

What does the fund invest in? The fund invests in the Sun Life Sentry Value Class (the "underlying fund"). The fund’s investment objective is to seek to achieve long-term capital appreciation through exposure to primarily equity securities of Canadian and U.S. companies by investing primarily in units of Sun Life Sentry Value Fund or its successor fund (the "underlying trust fund"). The fund may invest in U.S. and other foreign securities in an amount not exceeding 49% of the assets of the underlying trust fund. The underlying fund information for the Top 10 investments, Investment mix and past performance sections below relate to the underlying trust fund.


Top 10 investments (December 31, 2016)1. Cash 12.4%2. CVS Health Corp 5.7%3. AltaGas Ltd 3.8%4. ShawCor Ltd Class A 3.7%5. Magna International Inc Class A 2.8%6. Morneau Shepell Inc 2.7%7. CI Financial Corp 2.3%8. Keyera Corp 2.2%9. Oracle Corp 2.2%10. AGT Food and Ingredients Inc 2.2%




17.9% U.S. Equity




40%

30%20%10%

0%

10%20%30%40%

24.9

2013

14

2014

0.5

2015

10.4

2016

Sun Life Sentry Value Class



Page 179 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Seek long term capital appreciation






Page 180 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 3.25





Page 181 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life Sionna Canadian Small Cap Equity

May 1, 2017


Underlying fund manager: Sun Life Global Investments (Canada) Inc.Underlying fund sub-advisor: Brandes Investment Partners & Co. (operating

as Bridgehouse Asset Managers); Sionna Investment Managers Inc.






Estate Series $500.00 3.60 $9.6616 68,434.477

What does the fund invest in? The fund invests in the Sun Life Sionna Canadian Small Cap Equity Class (the "underlying fund"). The fund seeks to achieve long-term capital appreciation through exposure to primarily equity securities of small to medium capitalization Canadian companies by tracking the performance of the Sionna Canadian Small Cap Equity Fund or its successor fund (the “underlying trust fund”). In seeking to track the performance of the underlying trust fund, the portfolio manager may invest primarily in units of the underlying trust fund, or it may invest in securities, which may include securities of other mutual funds (including exchange-traded funds), identical or substantially similar to those in which the underlying trust fund invests. The underlying fund information for the Top 10 investments, Investment mix and past performance sections below relate to the underlying trust fund.


Top 10 investments (December 31, 2016)1. Cash 5.0%2. Computer Modelling Group Ltd 4.3%3. Pulse Seismic Inc 4.2%4. Guardian Capital Group Ltd 4.1%5. Winpak Ltd 4.1%6. Total Energy Services Inc 3.9%7. Calian Group Ltd 3.7%8. Great Canadian Gaming Corp 3.5%9. Westshore Terminals 3.4%10. Dream Unlimited 3.3%







20%

15%10%5%

0%

5%10%15%

20%-15.9

2015

16.9

2016

Sun Life Sionna Canadian Small Cap Equity Class



Page 182 of 219

FUND FACTS


May 1, 2017






Medium to high High


Who is this fund for? This fund is for investors who: • Seek to add the capital appreciation potential of small to medium

capitalization Canadian companies• Are long term investors





Page 183 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 3.60





Page 184 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life Templeton Global Bond

May 1, 2017


Underlying fund manager: Sun Life Global Investments (Canada) Inc.Underlying fund sub-advisor: Franklin Templeton Investments Corp.;

Franklin Advisers, Inc.Portfolio turnover rate: 29%





What does the fund invest in? The fund invests in the Sun Life Templeton Global Bond Fund (the "underlying fund"). The fund seeks to achieve high current income and capital appreciation primarily by investing directly in fixed-income securities and preferred shares issued around the world or indirectly by investing in mutual funds (including exchange-traded funds) that invest in such securities. The underlying fund information for the Top 10 investments, Investment mix and past performance sections below relate to the Templeton Global Bond Fund.


Top 10 investments (December 31, 2016)1. Titulos de Tesoreria B 7.75% 2030-09-18 3.3%2. Government of Indonesia, Senior Bond, FR70, 8.375%,

202 -03-153.1%

3. Argentina(Rep Of) 15.5% 2026-10-17 2.5%4. Government of India Senior Bond 9.15% 2024-11-14 2.5%5. Government of Mexico, M, 4.75%, Jun 14, 2018 2.1%6. Nota Do Tesouro Nacional 10.00% 2021-01-01 2.0%7. Korea Treasury Bond Senior Bond 4.25% 2021-06-10 1.9%8. Korea Treasury Bond Senior Note 1.375% 2021-09-10 1.7%9. Government of Malaysia Senior Note 3.314% 2017-10-31 1.7%10. Government of the Philippines Senior Note 3.875%

2019-11-221.7%







10%

7%5%2%

0%

2%5%7%

10%

0.1

2015

-2.3

2016

Sun Life Templeton Global Bond Fund



Page 185 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Are mainly interested in current income from global issuers






Page 186 of 219

FUND FACTS


May 1, 2017

1. Sales charges




















Page 187 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Sun Life Trimark Canadian

May 1, 2017


Underlying fund manager: Sun Life Global Investments (Canada) Inc.Underlying fund sub-advisor: Invesco Canada Ltd.;

Invesco Advisers, Inc. (for cash portion of the Fund)






Estate Series $500.00 3.52 $8.4763 65,474.081

What does the fund invest in? The fund invests in the Sun Life Trimark Canadian Class (the "underlying fund"). The fund seeks to achieve consistent long-term capital appreciation primarily by investing directly in common shares of Canadian companies or indirectly by investing in mutual funds (including exchange-traded funds) that invest in such securities. The underlying fund information for the Top 10 investments, Investment mix and past performance sections below relate to the Trimark Canadian Fund.


Top 10 investments (December 31, 2016)1. Bank of Nova Scotia 6.9%2. Brookfield Asset Management Inc Class A 6.8%3. Toronto-Dominion Bank 6.6%4. Power Corporation Of Canada 5.0%5. Berkshire Hathaway Inc B 4.0%6. CarMax Inc 3.9%7. Wells Fargo & Co 3.6%8. Royal Bank Of Canada 3.5%9. Brenntag AG 3.4%10. Deere & Co 3.4%




35.1% U.S. Equity





20%

15%10%5%

0%

5%10%15%

20%-20.8

2015

14.2

2016

Sun Life Trimark Canadian Class



Page 188 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Seek long term capital appreciation






Page 189 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 3.52





Page 190 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions TD Canadian Bond

May 1, 2017


Underlying fund manager: TD Asset Management Inc.Underlying fund sub-advisor: N/APortfolio turnover rate: 21%





Estate Series $500.00 2.17 $9.9857 151,562.856

What does the fund invest in? The fund invests in the TD Canadian Bond Fund (the "underlying fund"). The fund seeks to earn a high rate of interest income primarily by investing directly in high-quality bonds and debentures issued principally by Canadian borrowers in Canadian dollars


Top 10 investments (December 31, 2016)1. Canada Govt 3.5% 2045-12-01 3.1%2. Canada Govt 4% 2041-06-01 3.0%3. Canada Govt 5% 2037-06-01 2.8%4. Cash 2.8%5. Ontario Prov Cda 2.9% 2046-12-02 2.0%6. Ontario Prov Cda 5.6% 2035-06-02 1.8%7. Province of Ontario Residual 2.71% 2027-06-02 1.6%8. Canada Govt 0.75% 2021-03-01 1.6%9. Canada Govt 2.75% 2022-06-01 1.3%10. Province of British Columbia 4.30% 2042-06-18 1.3%







20%

15%10%5%

0%

5%10%15%

20%

2.9

2007

3.6

2008

11

2009

7.4

2010

9.6

2011

4.6

2012

-0.9

2013

8.5

2014

3.420

15

TD Canadian Bond Fund



Page 191 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Are investing for the medium to long term

• Want a high quality income investment

• Can handle small changes in the value of their investment




Page 192 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 2.17





Page 193 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions TD Dividend Income

May 1, 2017







Estate Series $500.00 3.11 $10.7477 453,080.142

What does the fund invest in? The fund invests in the TD Dividend Income Fund (the "underlying fund"). The fund seeks to provide income and to a lesser extent capital appreciation, primarily by investing directly in income producing securities


Top 10 investments (December 31, 2016)1. Royal Bank Of Canada 7.8%2. Toronto-Dominion Bank 7.5%3. Bank of Montreal 6.9%4. Bank of Nova Scotia 6.7%5. Canadian Imperial Bank of Commerce 6.2%6. Enbridge Inc 3.9%7. Brookfield Asset Management Inc 3.1%8. Canadian National Railway Co 2.9%9. Suncor Energy Inc 2.9%10. TransCanada Corp 2.8%





2.0% U.S. Equity





40%

30%20%10%

0%

10%20%30%40%

2

2007

-27.4

2008

33.1

2009

11.1

2010

3.7

2011

11.6

2012

14.9

2013

13.3

2014

-3.5

2015

16.7

2016

TD Dividend Income Fund



Page 194 of 219

FUND FACTS


May 1, 2017






highHigh



• Are more interested in income than growth

• Can handle changes in the value of their investment




Page 195 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 3.11





Page 196 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions TD Real Return Bond

May 1, 2017







Estate Series $500.00 2.48 $9.9517 18,634.566

What does the fund invest in? The fund invests in the TD Real Return Bond Fund (the "underlying fund"). The fundamental investment objective is to provide a regular level of interest income that is hedged against inflation, by investing primarily in Canadian government guaranteed real return bonds, as well as those issued by the governments of foreign countries.


Top 10 investments (December 31, 2016)1. Government Of Canada Real R 01.50 441201 13.4%2. Government Of Canada Real R 04.25 211201 13.2%3. Government Of Canada Real R 04.00 311201 12.5%4. Government of Canada Real R 01.25 471201 12.3%5. Government Of Canada Real R 03.00 361201 10.2%6. Province Of Manitoba Real R 01.74 181201 9.3%7. Province Of Quebec Real Ret 04.50 211201 7.2%8. Province Of Ontario Real Re 02.00 361201 6.1%9. Government Of Canada Real R 02.00 411201 6.0%10. Government Of Canada Real R 04.25 261201 5.7%







20%

15%10%5%

0%

5%10%15%

20%

2.4

2007

0.2

2008

15.1

2009

10.2

2010

17.1

2011

2.7

2012

-11.8

2013

12.1

2014

2.9

2015

0.920

16

TD Real Return Bond Fund



Page 197 of 219

FUND FACTS


May 1, 2017






highHigh



• Are concerned about the long term effects of inflation

• Want a high quality income investment

• Can handle changes in the value of their investment




Page 198 of 219

FUND FACTS


May 1, 2017

1. Sales charges
















Estate Series 2.48





Page 199 of 219

FUND FACTS

Sun Life Assurance Company of Canada Sun GIF Solutions Sun GIF Solutions Trimark

May 1, 2017


Underlying fund manager: Invesco Canada Ltd.Underlying fund sub-advisor: Invesco Advisers, Inc. (for cash portion of the

Fund)Portfolio turnover rate: 30%





What does the fund invest in? The fund invests in the Trimark Fund (the "underlying fund"). Trimark Fund seeks to achieve strong capital growth with a high degree of reliability over the long term. The Fund invests primarily in equities of companies anywhere in the world.


Top 10 investments (December 31, 2016)1. Wells Fargo & Co 4.5%2. Walt Disney Co 3.5%3. NXP Semiconductors NV 3.4%4. Visa Inc 3.4%5. Honeywell International Inc 3.4%6. Schlumberger Ltd 3.4%7. Microsoft Corp 3.3%8. Experian PLC 3.3%9. Bureau Veritas SA 3.3%10. Kweichow Moutai Co Ltd 3.3%




49.5% U.S. Equity





40%

30%20%10%

0%

10%20%30%40%

-10.4

2007

-29.3

2008

9.3

2009

3.9

2010

2

2011

10.7

2012

2920

13

8.8

2014

18

2015

3.7

2016

Trimark Fund

Sun GIF Solutions Trimark


Page 200 of 219

FUND FACTS


May 1, 2017






highHigh


Who is this fund for? This fund is for investors who: • Want strong capital growth over the long term

• Own, or plan to own, other types of investments to diversify their holdings

• Want a diversified global equity investment





Page 201 of 219

FUND FACTS


May 1, 2017

1. Sales charges




















Page 202 of 219

Information specific to F class funds

F class funds This section shows the funds available in fee-based accounts. For additional fund information, please see the corresponding page in this fund facts booklet.

Investment Series Fund name MER (%)*

Net asset value per unit ($)

Units outstanding

Sun GIF Solutions CI Cambridge Canadian Asset Allocation 1.68 10.6534 2,970.020

Sun GIF Solutions CI Cambridge Canadian Equity 1.98 11.3150 585.492

Sun GIF Solutions CI Cambridge Global Equity 1.98 10.9778 602.669

Sun GIF Solutions CI Signature Diversified Yield II 1.56 10.1478 593.337

Sun GIF Solutions CI Signature High Income 1.56 10.1705 597.501

Sun GIF Solutions CI Signature Income & Growth 1.68 10.2158 604.115

Sun GIF Solutions Daily Interest 0.65 10.0593 375,712.935Sun GIF Solutions Dollar Cost Average Daily Interest 0.65 10.0625 326,002.080

Sun GIF Solutions Estate Settlement 0.66 10.0698 323,913.894

Sun GIF Solutions Fidelity Floating Rate High Income 1.78 11.4943 524.338

Sun GIF Solutions Fidelity Income Allocation 1.67 10.5200 548.445

Sun GIF Solutions Fidelity Monthly Income 1.67 10.6172 556.093

Sun GIF Solutions Fidelity NorthStar® 2.13 11.0546 513.177

Sun GIF Solutions Fidelity True North® 2.03 10.3437 593.407

Sun GIF Solutions Fiera Global Equity 2.05 11.0102 538.711

Sun GIF Solutions Fiera US Equity 2.07 11.6204 516.035

Sun GIF Solutions Franklin Global Growth 2.18 10.5693 563.252

Sun GIF Solutions PH&N Short Term Bond and Mortgage 1.60 10.0299 550.170

Sun GIF Solutions RBC Global High Yield Bond 1.64 10.6716 570.400

Sun GIF Solutions RBC North American Value 1.93 10.8907 589.677

Sun GIF Solutions Sun Life BlackRock Canadian Balanced 1.29 10.2194 3,069.458

Sun GIF Solutions Sun Life BlackRock Canadian Composite Equity 1.25 10.1772 643.341

Sun GIF Solutions Sun Life BlackRock Canadian Equity 1.34 10.4058 614.581

Sun GIF Solutions Sun Life BlackRock Canadian Universe Bond 1.33 10.1544 542.789

Sun GIF Solutions Sun Life Dynamic American 2.04 11.7631 530.063

Sun GIF Solutions Sun Life Dynamic Equity Income 1.71 11.1636 10,803.858

Sun GIF Solutions Sun Life Dynamic Strategic Yield 1.47 10.5396 548.803

Sun GIF Solutions Sun Life Franklin Bissett Canadian Equity 1.72 10.8531 612.373

Sun GIF Solutions Sun Life Granite Balanced 1.46 10.4839 3,475.548

Sun GIF Solutions Sun Life Granite Balanced Growth 1.49 10.6836 40,005.240

Sun GIF Solutions Sun Life Granite Conservative 1.35 10.3277 11,358.732

Sun GIF Solutions Sun Life Granite Enhanced Income 1.50 10.1605 584.403

Sun GIF Solutions Sun Life Granite Growth 1.53 10.6624 13,764.905

Sun GIF Solutions Sun Life Granite Income 1.40 10.1912 572.688

Sun GIF Solutions Sun Life Granite Moderate 1.40 10.5224 63,040.940

Sun GIF Solutions Sun Life MFS Canadian Bond 1.48 10.2633 546.187

Sun GIF Solutions Sun Life MFS Canadian Equity Growth 1.63 10.3972 605.385

Sun GIF Solutions Sun Life MFS Canadian Equity Value 1.58 10.5804 602.053

Sun GIF Solutions Sun Life MFS Dividend Income 1.63 10.1537 646.664

Sun GIF Solutions Sun Life MFS Global Growth 1.79 10.6956 548.794Page 203 of 219

Information specific to F class funds (continued)



Units outstanding

Sun GIF Solutions Sun Life MFS Global Total Return 1.48 10.8391 5,644.331

Sun GIF Solutions Sun Life MFS Global Value 1.73 11.4825 527.636

Sun GIF Solutions Sun Life MFS International Growth 1.79 10.0720 572.545

Sun GIF Solutions Sun Life MFS International Value 1.70 10.9385 532.350

Sun GIF Solutions Sun Life MFS Low Volatility Global Equity 1.67 10.4532 500.396

Sun GIF Solutions Sun Life MFS Low Volatility International Equity 1.67 9.9307 500.399

Sun GIF Solutions Sun Life MFS Monthly Income 1.32 10.2937 593.715

Sun GIF Solutions Sun Life MFS US Equity 1.55 11.3016 547.810

Sun GIF Solutions Sun Life MFS US Growth 1.73 11.6544 509.061

Sun GIF Solutions Sun Life MFS US Value 1.58 12.0004 530.660

Sun GIF Solutions Sun Life Money Market 0.68 10.0000 550.000

Sun GIF Solutions Sun Life Multi-Strategy Bond 1.43 10.0571 550.534

Sun GIF Solutions Sun Life NWQ Flexible Income 1.59 10.1613 580.720

Sun GIF Solutions Sun Life Schroder Emerging Markets 2.39 9.6132 656.362

Sun GIF Solutions Sun Life Sentry Conservative Balanced 1.48 10.3815 572.863

Sun GIF Solutions Sun Life Sentry Global Mid Cap 1.89 9.8982 612.349

Sun GIF Solutions Sun Life Sentry Infrastructure 1.88 9.8425 626.201

Sun GIF Solutions Sun Life Sentry Value 1.67 10.7183 2,574.311

Sun GIF Solutions Sun Life Sionna Canadian Small Cap Equity 1.89 9.9392 658.472

Sun GIF Solutions Sun Life Templeton Global Bond 1.78 10.2303 554.922

Sun GIF Solutions Sun Life Trimark Canadian 1.93 8.7088 782.721

Sun GIF Solutions TD Canadian Bond 1.58 10.0901 547.463

Sun GIF Solutions TD Dividend Income 1.56 11.0310 595.470

Sun GIF Solutions TD Real Return Bond 1.58 10.1228 550.751

Sun GIF Solutions Trimark 2.08 10.8217 571.387


Estate Series Fund name MER (%)*


Units outstanding

Sun GIF Solutions CI Cambridge Canadian Asset Allocation 2.12 10.5767 567.802

Sun GIF Solutions CI Cambridge Canadian Equity 2.43 11.2306 587.542

Sun GIF Solutions CI Cambridge Global Equity 2.50 10.8848 1,750.660

Sun GIF Solutions CI Signature Diversified Yield II 1.96 10.0810 595.125

Sun GIF Solutions CI Signature High Income 1.97 10.0934 36,808.825

Sun GIF Solutions CI Signature Income & Growth 2.01 10.1609 605.605

Sun GIF Solutions Daily Interest 0.72 10.0496 1,048.104

Sun GIF Solutions Dollar Cost Average Daily Interest 0.72 10.0433 1,048.742


Sun GIF Solutions Fidelity Floating Rate High Income 2.12 11.4286 525.701

Sun GIF Solutions Fidelity Income Allocation 2.01 10.4531 132,688.631

Sun GIF Solutions Fidelity Monthly Income 2.07 10.5405 46,064.935

Sun GIF Solutions Fidelity True North® 2.48 10.2763 62,628.240

Page 204 of 219




Units outstanding

Sun GIF Solutions Fiera Global Equity 2.56 10.9170 540.802

Sun GIF Solutions PH&N Short Term Bond and Mortgage 1.78 10.0056 4,445.429

Sun GIF Solutions RBC Global High Yield Bond 1.81 10.6458 2,677.486

Sun GIF Solutions RBC North American Value 2.38 10.8103 5,408.368

Sun GIF Solutions Sun Life BlackRock Canadian Balanced 1.62 10.1622 590.575




Sun GIF Solutions Sun Life Dynamic Equity Income 2.15 11.0825 563.105






Sun GIF Solutions Sun Life Granite Enhanced Income 1.83 10.1060 6,421.563

Sun GIF Solutions Sun Life Granite Growth 1.87 10.6028 15,511.151

Sun GIF Solutions Sun Life Granite Income 1.73 10.1352 6,296.263


Sun GIF Solutions Sun Life MFS Canadian Bond 1.66 10.2351 29,604.508



Sun GIF Solutions Sun Life MFS Dividend Income 2.08 10.0796 4,773.695

Sun GIF Solutions Sun Life MFS Global Growth 2.44 10.5795 551.512


Sun GIF Solutions Sun Life MFS Global Value 2.24 11.3768 72,075.270







Sun GIF Solutions Sun Life MFS US Growth 2.39 11.5259 54,357.204

Sun GIF Solutions Sun Life MFS US Value 2.09 11.8973 4,282.880





Sun GIF Solutions Sun Life Sentry Infrastructure 2.37 9.7900 1,324.212




Sun GIF Solutions TD Canadian Bond 1.75 10.0619 30,094.289

Sun GIF Solutions TD Dividend Income 2.01 10.9517 9,277.708

Page 205 of 219


Sun GIF Solutions TD Real Return Bond 1.92 10.0634 552.270


Income Series Fund name MER (%)*


Units outstanding


Sun GIF Solutions Strategic Income 2.24 9.9887 102,295.970


Page 206 of 219

Information specific to Private Client program – O class

Private Client – O class This section shows the funds available in the Private Client program. For additional fund information, please see the corresponding page in this fund facts booklet. Fee

Advisor service fee:

What you pay When you purchase O class units you agree to pay your distributor an advisor service fee. We collect this fee plus applicable taxes on your distributor’s behalf by redeeming O class units from your contract monthly proportionately from each fund. The redemption of units to pay the fee does not affect your guarantees. You may negotiate the advisor service fee with your insurance advisor. It must not be more than 1.00%annually, plus applicable taxes.

Management fees:

O class management fees shown on pages 207 and 208 are the maximum annual management fees that may be charged to you. These fees may be reduced by the management fee reduction based on the daily total market value of Private Client eligible units in your contract. O class management fees plus applicable taxes are collected by redeeming your O class units and do not include the advisor service fee. These fees are in addition to the MER of the fund. For more information refer to Section 10 Private Client program of the Sun GIF Solutions Information Folder.



Units outstanding


Sun GIF Solutions Sun Life BlackRock Canadian Composite Equity 0.45 11.6072 51,237.843





Sun GIF Solutions Sun Life Dynamic Strategic Yield 0.50 10.4633 29,738.598






Sun GIF Solutions Sun Life Granite Growth 0.45 10.7743 562.549






Sun GIF Solutions Sun Life MFS Dividend Income 0.51 11.3434 13,858.800





Sun GIF Solutions Sun Life MFS International Value 0.56 10.5607 36,232.707




Sun GIF Solutions Sun Life MFS US Equity 0.48 10.8425 27,359.434


Page 207 of 219

Information specific to O class funds (continued)



Units outstanding


Sun GIF Solutions Sun Life Money Market 0.32 10.1366 18,326.958


Sun GIF Solutions Sun Life NWQ Flexible Income 0.47 10.5575 14,265.031


Sun GIF Solutions Sun Life Sentry Conservative Balanced 0.46 10.9739 13,034.213







*MERs are estimated in the first year.



Units outstanding






Sun GIF Solutions Sun Life Dynamic Strategic Yield 0.89 10.4140 29,322.515















Sun GIF Solutions Sun Life MFS Global Value 1.10 10.7814 11,094.375


Sun GIF Solutions Sun Life MFS International Value 1.07 10.4988 1,556.232



Sun GIF Solutions Sun Life MFS Monthly Income 0.91 10.8714 6,363.906

Page 208 of 219

Information specific to O class funds (continued)



Units outstanding




Sun GIF Solutions Sun Life Money Market 0.39 10.0259 3,008.404



Sun GIF Solutions Sun Life Sentry Conservative Balanced 0.80 10.9285 10,676.675


Sun GIF Solutions Sun Life Sentry Value 0.98 11.1698 563.184



*MERs are estimated in the first year.

Page 209 of 219

Ratios & supplementary data – management fees

Fund name FEL/LL/DSC (%) F class (%) O class (%)

Sun GIF Solutions CI Cambridge Canadian Asset Allocation 2.00 1.00

Sun GIF Solutions CI Cambridge Canadian Equity 2.00 1.00

Sun GIF Solutions CI Cambridge Global Equity 2.00 1.00

Sun GIF Solutions CI Signature Diversified Yield II 2.00 1.00

Sun GIF Solutions CI Signature High Income 2.00 1.00

Sun GIF Solutions CI Signature Income & Growth 2.00 1.00

Sun GIF Solutions Daily Interest 0.60 0.40

Sun GIF Solutions Dollar Cost Average Daily Interest 0.60 0.40

Sun GIF Solutions Estate Settlement 0.60 0.40

Sun GIF Solutions Fidelity Floating Rate High Income 1.50 1.00

Sun GIF Solutions Fidelity Income Allocation 2.00 1.00

Sun GIF Solutions Fidelity Monthly Income 2.00 1.00

Sun GIF Solutions Fidelity NorthStar® 2.00 1.00

Sun GIF Solutions Fidelity True North® 2.00 1.00

Sun GIF Solutions Fiera Global Equity 2.00 1.00

Sun GIF Solutions Fiera US Equity 2.00 1.00

Sun GIF Solutions Franklin Global Growth 2.00 1.00

Sun GIF Solutions PH&N Short Term Bond and Mortgage 1.50 1.00

Sun GIF Solutions RBC Global High Yield Bond 1.50 1.00

Sun GIF Solutions RBC North American Value 2.00 1.00

Sun GIF Solutions Strategic Income 1.50 1.50

Sun GIF Solutions Sun Life BlackRock Canadian Balanced 2.00 1.00 1.00








Sun GIF Solutions Sun Life Granite Balanced 2.00 1.00 1.00

Sun GIF Solutions Sun Life Granite Balanced Growth 2.00 1.00 1.00

Sun GIF Solutions Sun Life Granite Conservative 2.00 1.00 1.00

Sun GIF Solutions Sun Life Granite Enhanced Income 2.00 1.00 1.00


Sun GIF Solutions Sun Life Granite Income 2.00 1.00 1.00

Sun GIF Solutions Sun Life Granite Moderate 2.00 1.00 1.00

Sun GIF Solutions Sun Life MFS Canadian Bond 1.50 1.00 1.00





Sun GIF Solutions Sun Life MFS Global Total Return 2.00 1.00 1.00



Page 210 of 219

Ratios & supplementary data – management fees (continued)

Fund name FEL/LL/DSC (%) F class (%) O class (%)







Sun GIF Solutions Sun Life MFS US Value 2.00 1.00 1.00








Sun GIF Solutions Sun Life Sentry Value 2.00 1.00 1.00




Sun GIF Solutions TD Canadian Bond 1.50 1.00

Sun GIF Solutions TD Dividend Income 2.00 1.00

Sun GIF Solutions TD Real Return Bond 1.50 1.00

Sun GIF Solutions Trimark 2.00 1.00

FEL, F class and O class management fees shown here are the maximum annual management fees that may be charged to you. These fees may be reduced by a management fee reduction based on the daily total market value of Private Client eligible units in your contract.

Page 211 of 219

Ratios & supplementary data – insurance fees

Fund name Investment Series (%) Estate Series (%)

Sun GIF Solutions CI Cambridge Canadian Asset Allocation 0.25 0.65

Sun GIF Solutions CI Cambridge Canadian Equity 0.30 0.70

Sun GIF Solutions CI Cambridge Global Equity 0.30 0.75

Sun GIF Solutions CI Signature Diversified Yield II 0.20 0.55

Sun GIF Solutions CI Signature High Income 0.20 0.55

Sun GIF Solutions CI Signature Income & Growth 0.25 0.55

Sun GIF Solutions Daily Interest 0.10 0.15

Sun GIF Solutions Dollar Cost Average Daily Interest 0.10 0.15

Sun GIF Solutions Estate Settlement 0.10 0.10

Sun GIF Solutions Fidelity Floating Rate High Income 0.15 0.45

Sun GIF Solutions Fidelity Income Allocation 0.20 0.50

Sun GIF Solutions Fidelity Monthly Income 0.20 0.55

Sun GIF Solutions Fidelity NorthStar® 0.30

Sun GIF Solutions Fidelity True North® 0.30 0.70

Sun GIF Solutions Fiera Global Equity 0.30 0.75

Sun GIF Solutions Fiera US Equity 0.30

Sun GIF Solutions Franklin Global Growth 0.30

Sun GIF Solutions PH&N Short Term Bond and Mortgage 0.15 0.30

Sun GIF Solutions RBC Global High Yield Bond 0.15 0.30

Sun GIF Solutions RBC North American Value 0.30 0.70

Sun GIF Solutions Sun Life BlackRock Canadian Balanced 0.25 0.55

Sun GIF Solutions Sun Life BlackRock Canadian Composite Equity 0.30 0.70

Sun GIF Solutions Sun Life BlackRock Canadian Equity 0.30 0.70

Sun GIF Solutions Sun Life BlackRock Canadian Universe Bond 0.15 0.30

Sun GIF Solutions Sun Life Dynamic American 0.30

Sun GIF Solutions Sun Life Dynamic Equity Income 0.30 0.70

Sun GIF Solutions Sun Life Dynamic Strategic Yield 0.25 0.65

Sun GIF Solutions Sun Life Franklin Bissett Canadian Equity 0.30 0.70

Sun GIF Solutions Sun Life Granite Balanced 0.25 0.55

Sun GIF Solutions Sun Life Granite Balanced Growth 0.25 0.55

Sun GIF Solutions Sun Life Granite Conservative 0.20 0.50

Sun GIF Solutions Sun Life Granite Enhanced Income 0.25 0.55

Sun GIF Solutions Sun Life Granite Growth 0.25 0.55

Sun GIF Solutions Sun Life Granite Income 0.25 0.55

Sun GIF Solutions Sun Life Granite Moderate 0.25 0.55

Sun GIF Solutions Sun Life MFS Canadian Bond 0.15 0.30

Sun GIF Solutions Sun Life MFS Canadian Equity Growth 0.30 0.70

Sun GIF Solutions Sun Life MFS Canadian Equity Value 0.30 0.70

Sun GIF Solutions Sun Life MFS Dividend Income 0.30 0.70

Sun GIF Solutions Sun Life MFS Global Growth 0.30 0.90

Sun GIF Solutions Sun Life MFS Global Total Return 0.25 0.65

Sun GIF Solutions Sun Life MFS Global Value 0.30 0.75

Sun GIF Solutions Sun Life MFS International Growth 0.30 0.75

Sun GIF Solutions Sun Life MFS International Value 0.30 0.75

Page 212 of 219

Ratios & supplementary data – insurance fees (continued)

Fund name Investment Series (%) Estate Series (%)Sun GIF Solutions Sun Life MFS Low Volatility Global Equity 0.30 0.75

Sun GIF Solutions Sun Life MFS Low Volatility International Equity 0.30 0.75

Sun GIF Solutions Sun Life MFS Monthly Income 0.25 0.65

Sun GIF Solutions Sun Life MFS US Equity 0.30 0.75

Sun GIF Solutions Sun Life MFS US Growth 0.30 0.90

Sun GIF Solutions Sun Life MFS US Value 0.30 0.75

Sun GIF Solutions Sun Life Money Market 0.10 0.15

Sun GIF Solutions Sun Life Multi-Strategy Bond 0.15 0.30

Sun GIF Solutions Sun Life NWQ Flexible Income 0.15 0.30

Sun GIF Solutions Sun Life Schroder Emerging Markets 0.30

Sun GIF Solutions Sun Life Sentry Conservative Balanced 0.25 0.55

Sun GIF Solutions Sun Life Sentry Global Mid Cap 0.30

Sun GIF Solutions Sun Life Sentry Infrastructure 0.30 0.75

Sun GIF Solutions Sun Life Sentry Value 0.30 0.70

Sun GIF Solutions Sun Life Sionna Canadian Small Cap Equity 0.30 0.80

Sun GIF Solutions Sun Life Templeton Global Bond 0.15

Sun GIF Solutions Sun Life Trimark Canadian 0.30 0.70

Sun GIF Solutions TD Canadian Bond 0.15 0.30

Sun GIF Solutions TD Dividend Income 0.25 0.65

Sun GIF Solutions TD Real Return Bond 0.15 0.45

Sun GIF Solutions Trimark 0.30

Fund name Income Series (%)

Sun GIF Solutions Estate Settlement 0.10

Sun GIF Solutions Strategic Income 0.75

Page 213 of 219

Summary of the investment objectives of each fund: Fund name Objective

Sun GIF Solutions CI Cambridge Canadian Asset Allocation

This fund's objective is to achieve a superior total investment return by investing, directly or indirectly, in a combination of primarily equity and fixed income securities of Canadian companies. Indirect investments may include convertible securities, derivatives, equity-related securities and securities of other mutual funds.


This fund's objective is to achieve long-term capital growth by investing, directly or indirectly, primarily in equity securities of Canadian companies. Indirect investments may include convertible securities, derivatives, equity-related securities and securities of other mutual funds.


This fund's objective is to achieve long-term capital growth by investing, directly or indirectly, primarily in equity securities of companies located anywhere in the world. Indirect investments may include convertible securities, derivatives, equity-related securities and securities of other mutual funds.


The fundamental investment objective of Signature Diversified Yield II Fund is to generate a high level of income through exposure to a portfolio of fixed income and high-yielding equity securities throughout the world.


This fund's objective is to generate a high level of income and long-term capital growth. It invests primarily in high-yielding equity securities and Canadian corporate bonds.


The fund seeks to provide a steady flow of current income while preserving capital by investing in a diversified portfolio of securities composed mainly of equity, equity-related and fixed income securities of Canadian issuers. The fund may also invest in foreign securities.

Sun GIF Solutions Daily Interest The investment objective of the fund is to provide investors with interest income.

Sun GIF Solutions Dollar Cost Average Daily Interest

The investment objective of the fund is to provide investors with interest income.

Sun GIF Solutions Estate Settlement

The investment objective of the fund is to provide investors with interest income.


A high yield offering that aims to provide a steady flow of income. It primarily invests in the floating rate debt of non-investment-grade issuers located in the U.S. or whose debt is denominated in U.S. dollars

Sun GIF Solutions Fidelity Income Allocation

Fidelity Income Allocation fund offers exposure to multiple fixed income asset classes and income-oriented equities and aims to provide investors with monthly yield and total return potential in a tactical asset allocation fund.

Sun GIF Solutions Fidelity Monthly Income

Fidelity Monthly Income fund offers a unique combination of high yielding equity and fixed-income securities, actively managed to aim to deliver a balance of income and growth.


Fidelity NorthStar® fund has an open mandate to seek the best ideas wherever they may lie, based on the convictions of veteran managers.


Fidelity True North® fund delivers superior long-term growth potential through its freedom to pursue opportunities throughout the Canadian market.


The objective of the fund is to achieve over the longer term the highest possible return that is consistent with a fundamental investment philosophy through investment primarily in foreign equity securities and to provide long-term capital appreciation through a portfolio of broadly diversified securities, by region and industry, invested primarily in the U.S. and International markets.

Page 214 of 219



The objective of the fund is to achieve over the longer term the highest possible return that is consistent with a fundamental investment philosophy through investment primarily in U.S. equity securities. To provide long-term capital appreciation through a portfolio of broadly diversified securities, by industry, invested primarily in the U.S. market.


Long-term capital appreciation by investing primarily in equity securities of growth companies with any market size capitalization, which are located throughout the world.


To provide relatively high yields and stability of capital by investing primarily in a well-diversified portfolio of short-term fixed income securities issued by Canadian governments and corporations, and first mortgages on property located in Canada.


The fund seeks to provide above average total returns and achieve a yield advantage. To provide total returns comprised of interest income and capital growth. The fund invests primarily in higher yielding corporate or government debt securities from anywhere around the world.


To provide long-term capital growth by investing primarily in equity securities of Canadian and/or U.S. companies priced below their true value and offering long-term opportunities for growth.

Sun GIF Solutions Strategic Income

This fund invests in underlying funds or directly in securities. The fund or underlying funds are primarily invested in government and corporate debt securities, although the fund or underlying funds may also hold equities and alternative investment class assets. This fund seeks to preserve capital and provide sustainable income.


The fund’s investment objective is to seek a combination of income and growth by investing primarily in Canadian equity securities and Canadian debt instruments directly or indirectly through mutual funds and exchange-traded funds that invest in such securities. The fund may invest up to 45% in foreign securities directly or indirectly through mutual funds that invest in such securities.


The fund’s investment objective is to seek long-term capital appreciation through exposure to primarily equity securities included in a broad and recognized Canadian equity market index that includes primarily large and mid-market capitalization companies the securities of which are considered to be the most liquid in Canadian equity markets by investing primarily in units of Sun Life BlackRock Canadian Composite Equity fund or its successor fund (the "underlying trust fund").


The fund’s investment objective is to seek capital appreciation through exposure to primarily Canadian equity securities by investing primarily in units of Sun Life BlackRock Canadian Equity fund or its successor fund (the "underlying trust fund"). The fund may invest up to 45% of the underlying trust fund's assets in foreign securities.


The fund's investment objective is to provide income by replicating, to the extent possible, the performance, net of fees, of a broad and recognized Canadian bond market index (the "Index"). The fund invests directly in fixed income securities included in the Index and/or may achieve indirect exposure to some or all of the Index by investing in exchange-traded funds, mutual funds or derivatives that are correlated to the performance of the Index.


The fund’s investment objective is to seek to achieve long-term capital appreciation primarily by investing directly in equity securities of United States based businesses deemed to be undervalued relative to their perceived worth or indirectly by investing in mutual funds (including exchange-traded funds) that invest in such securities.


The fund’s investment objective is to seek to achieve income and long-term capital growth through exposure to primarily equity securities that pay a dividend or distribution by investing primarily in units of Sun Life Dynamic Equity Income fund or its successor fund (the "underlying trust fund").

Page 215 of 219



The fund’s investment objective is to seek to achieve income and long-term capital growth through exposure to primarily a diversified portfolio of fixed income and income-oriented equity securities by investing primarily in units of Sun Life Dynamic Strategic Yield fund or its successor fund (the "underlying trust fund").


The fund seeks to achieve long-term capital appreciation primarily by investing directly in a diversified portfolio of mid to large capitalization Canadian equities or indirectly by investing in mutual funds (including exchange-traded funds) that invest in such securities.


The fund’s investment objective is to seek capital appreciation and income, with a small bias towards capital appreciation, by investing primarily in a mix of equity and fixed income mutual funds.


The fund's investment objective is to seek capital appreciation and income, with a bias towards capital appreciation, by investing primarily in equity mutual funds and, to a lesser extent, fixed income mutual funds.


The fund's investment objective is to seek income and capital appreciation, with a bias towards income, by investing primarily in fixed income mutual funds and, to a lesser extent, equity mutual funds.


The fund seeks to generate a consistent level of income by investing primarily in a mix of income-focused fixed income and equity mutual funds (including exchange-traded funds), with an emphasis towards higher yielding investments.


The fund's investment objective is to seek capital appreciation by investing primarily in equity mutual funds and, to a lesser extent, fixed income mutual funds.


The fund seeks to generate a consistent level of income by investing primarily in a mix of income-focused fixed income and equity mutual funds (including exchange-traded funds).


The fund's investment objective is to seek income and capital appreciation by investing primarily in a mix of fixed income and equity mutual funds.


The fund aims to provide investors with high investment returns primarily through income, with reasonable safety of capital. The fund may invest up to 30% of the fund's assets in foreign debt instruments.


The fund aims for long-term capital growth primarily by investing in Canadian growth equity securities. The fund may invest in global equity securities or other mutual funds. The fund may invest up to 40% of the fund's assets in non-Canadian securities.


The fund aims for long-term capital growth primarily by investing in Canadian equity securities deemed to be undervalued relative to their industries or the overall market. The fund may invest in global equity securities or other mutual funds. The fund may invest up to 40% of the fund's assets in non-Canadian securities.


The fund’s investment objective is to seek income generation and capital appreciation through exposure to primarily dividend or income paying securities, including royalty trust units, real-estate investment trust units and limited partnership units and other exchange-listed participating securities, by investing primarily in units of Sun Life MFS Dividend Income fund or its successor fund (the "underlying trust fund").


The fund's investment objective is to seek capital appreciation by investing primarily in equity securities of issuers located anywhere in the world that are considered to have above-average earnings growth potential compared to other issuers.

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The fund's investment objective is to seek total return by investing primarily in a mix of equity securities and debt instruments of issuers located anywhere in the world.


The fund's investment objective is to seek capital appreciation by investing primarily in equity securities of issuers located anywhere in the world that are considered to be undervalued compared to their perceived worth.

Sun GIF Solutions Sun Life MFS International Growth

The fund's investment objective is to seek capital appreciation by investing primarily in equity securities of issuers outside of Canada and the U.S. that are considered to have above-average earnings growth potential compared to other issuers.


The fund's investment objective is to seek capital appreciation by investing primarily in equity securities of issuers located outside of Canada and the U.S. that are considered to be undervalued compared to their perceived worth.

Sun GIF Solutions Sun Life MFS Low Volatility Global Equity

The fund’s investment objective is to achieve long-term capital appreciation with low volatility by investing primarily in a diversified portfolio of equity securities of issuers located anywhere in the world or indirectly by investing in mutual funds (including exchange-traded funds) that invest primarily in such securities.


The fund’s investment objective is to seek long-term capital appreciation with low volatility by investing primarily in a diversified portfolio of equity securities of issuers outside Canada and the United States or indirectly by investing in mutual funds (including exchange-traded funds) that primarily invest in such securities.


The fund's investment objective is to seek to provide a consistent level of regular income with capital appreciation as a secondary objective over the long term, by investing primarily in income producing equity and debt securities.


The fund aims for long-term capital growth by investing primarily in companies domiciled in the United States or whose primary stock exchange listing is in the United States.


The fund's investment objective is to seek capital appreciation by investing primarily in equity securities of issuers located in the United States that are considered to have above-average earnings growth potential compared to other companies.


The fund's investment objective is to seek capital appreciation by investing primarily in equity securities of companies with large market capitalizations located in the United States that are considered to be undervalued compared to their perceived worth.


The fund's investment objective is to achieve a high level of current income while seeking to protect capital and to maintain liquidity by investing primarily in Canadian dollar-denominated money market instruments. The fund may invest up to 10% of the fund's assets in Canadian dollar-denominated money market instruments of foreign issuers.


The fund's investment objective is to seek to earn a high rate of income by investing primarily in fixed-income securities of Canadian government and corporate issuers. The fund may from time to time invest up to 20% of the fund's portfolio in fixed-income securities of governments and companies outside Canada.


The fund seeks to achieve income and capital appreciation by investing primarily in a diversified portfolio of income producing securities.


The fund's investment objective is to seek capital appreciation by investing primarily in equity securities of companies with a connection to emerging markets.

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The fund seeks to provide stable income and long-term capital appreciation, primarily by investing directly in a conservative diversified portfolio of Canadian fixed-income and income-oriented equity securities or indirectly by investing in mutual funds (including exchange-traded funds) that invest in such securities.


The fund seeks to achieve long-term capital appreciation primarily by investing in a diversified portfolio of medium capitalization Global companies or indirectly by investing in mutual funds (including exchange-traded funds) that invest in such securities.


The fund seeks to provide regular current income primarily by investing directly in global companies with either direct or indirect exposure to infrastructure or indirectly by investing in mutual funds (including exchange-traded funds) that invest in such securities.


The fund’s investment objective is to seek to achieve long-term capital appreciation through exposure to primarily equity securities of Canadian and U.S. companies by investing primarily in units of Sun Life Sentry Value Fund or its successor fund (the "underlying trust fund"). The fund may invest in U.S. and other foreign securities in an amount not exceeding 49% of the assets of the underlying trust fund.


The fund seeks to achieve long-term capital appreciation through exposure to primarily equity securities of small to medium capitalization Canadian companies by tracking the performance of the Sionna Canadian Small Cap Equity Fund or its successor fund (the “underlying trust fund”). In seeking to track the performance of the underlying trust fund, the portfolio manager may invest primarily in units of the underlying trust fund, or it may invest in securities, which may include securities of other mutual funds (including exchange-traded funds), identical or substantially similar to those in which the underlying trust fund invests.


The fund seeks to achieve high current income and capital appreciation primarily by investing directly in fixed-income securities and preferred shares issued around the world or indirectly by investing in mutual funds (including exchange-traded funds) that invest in such securities.


The fund seeks to achieve consistent long-term capital appreciation primarily by investing directly in common shares of Canadian companies or indirectly by investing in mutual funds (including exchange-traded funds) that invest in such securities.


The fund seeks to earn a high rate of interest income primarily by investing directly in high-quality bonds and debentures issued principally by Canadian borrowers in Canadian dollars


The fund seeks to provide income and to a lesser extent capital appreciation, primarily by investing directly in income producing securities


The fundamental investment objective is to provide a regular level of interest income that is hedged against inflation, by investing primarily in Canadian government guaranteed real return bonds, as well as those issued by the governments of foreign countries.

Sun GIF Solutions Trimark Trimark Fund seeks to achieve strong capital growth with a high degree of reliability over the long term. The Fund invests primarily in equities of companies anywhere in the world.

The fundamental investment objective of an Underlying Fund cannot be changed unless approved by the unitholders of the Underlying Fund. If a change to the investment objectives of an Underlying Fund is approved by the unitholders of such Underlying Fund, we will give you notice of such change and approval. We reserve the right to change any Underlying Fund.

Page 218 of 219

About the underlying mutual fund companies

All the information about the Underlying Funds, including their investment objectives and strategies, is based on information provided by the mutual fund companies.

Mutual Fund Company:

Sun Life Global Investments (Canada) Inc. 150 King Street West, Suite 1400 Toronto, Ontario M5H 1J9 CI Investments Inc. 2 Queen Street East, Twentieth Floor Toronto, Ontario M5C 3G7 Fidelity Investments Canada ULC 483 Bay Street, Suite 200 Toronto, Ontario M5G 2H7 TD Asset Management Inc. Toronto-Dominion Bank Tower, P.O. Box 100 Toronto, Ontario M5K 1G8 Phillips, Hager & North Investment Management Ltd. 155 Wellington Street West, 21st Floor Toronto, Ontario M5V 3K7 Franklin Templeton Investments 5000 Yonge Street, Suite 900 Toronto, Ontario M2N 0A7 Fiera Capital Corporation 1501 McGill College Avenue, Suite 800 Montreal, Quebec H3A 3M8 Invesco 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7 RBC Global Asset Management P.O. Box 7500, Station A Toronto, Ontario M5W 1P9

Page 219 of 219

Life’s brighter under the sunSun Life Assurance Company of Canada is a member of the Sun Life Financial group of companies.© Sun Life Assurance Company of Canada, 2017.810-4400-05-17

About Sun Life FinancialFounded in 1865, Sun Life Financial has helped Canadians manage and grow their assets for over 150 years.

FINANCIAL STRENGTH, DISCIPLINED RISK MANAGEMENT

• International financial services provider with total assets under management of $903 billion*

• One of Canada’s oldest, most trusted financial institutions, recognized for sustainability and proven, disciplined risk management

INVESTMENT MANAGEMENT EXPERTISE

• Investment funds from leading global portfolio managers

• Focus is on risk management through experience, insight and innovation

LEADING PRODUCTS AND SERVICE

• Full suite of leading insurance and investment products for individuals and corporate customers

• Strong commitment to service excellence

* As of December 31, 2016 for the Sun Life Financial group of companies.

CONTACT INFORMATION:

Toll free English: 1-844-753-4437 (1-844-SLF-GIFS)Toll free French: 1-844-374-1375 (1-844-FPG-1FSL)Email: [email protected]: sunlifegifs.com

Sun Life Assurance Company of Canada (“Sun Life”) is the issuer of the Sun Guaranteed Investment Fund (GIF) Solutions insurance contract and the guarantor of the guarantee provisions.

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